The ETH/BTC pair shows signs of building upward momentum with higher lows, but a critical support trendline must be maintained for a bullish trend.
A key risk is highlighted by an analyst: if the upward trend breaks, ideal accumulation zone is between 0.022 and 0.023 BTC, near previous support levels.
Ethereum could advance towards 0.03 BTC if current strength continues without a deeper retest.
The attached chart displays Ethereum consolidating above the 0.02337 support level and approaching a key diagonal trendline.
Previous similar setups have led to sharp upward moves when momentum aligns, although sentiment remains cautious.
The next major move for Ethereum may hinge on the defense of the trendline by bulls or buying near the entry zone.
Van de Poppe's analysis was featured in the post 'Ethereum at Make-or-Break Point Against Bitcoin, Analyst Warns' on Coindoo.