On Nov 11, not only is the ETH-BTC pair shifting and reversing after extended periods of lower lows but also there is a notable uptick in trading volume with funding rates in crypto derivative platforms shifting from negative to positive, suggesting increasing demand.
Ethereum is relatively firm and changing hands at around the $2,090 level. Despite the expected contraction in trading volume over the past couple of days following the rally on November 9, the uptrend remains in place. Conversely, the $2,100 zone, marking the April high, is a critical liquidation level that optimistic bulls must break for a buy trend continuation pattern.
On the positive side, looking at the ETH-BTC candlestick arrangement in the daily chart, the sharp reversal of ETH fortunes on November 9 could anchor the next leg up, signaling a new shift in a trend that favors Ethereum buyers. Looking at the ETH-BTC formation, Bitcoin bulls have had the upper hand in 2023.
As of now, at the time of writing this article, BTC is trading at $36,550 while ETH is trading around $2,050 (up by 10% over the last week).