Ethereum is currently overtaking Bitcoin: But ETH could collapse by 20 percent against BTC

Ether overtakes Bitcoin in rally

On the daily chart, Ether is up about 14 percent to hit a weekly high of $1,554 on Oct. 26, according to data from Binance. Bitcoin is up by a similar amount, but its gains for the week are just 6 percent by comparison.

ETH/BTC is up around 8 percent, topping as high as 0.075 BTC on Oct. 26.

The surge in major cryptocurrencies has paralleled gains in the US stock market on Oct. 24. The weakening US dollar, which has usually developed inversely to the crypto market since March 2020, has also led to this.

Bearish fractal?

The recovery in ETH/BTC has taken the price into a range that preceded a 35 percent correction between April and May 2022 (marked "R1" in the chart below) and significantly impeded the increases between August and September 2022 (in the marked as "R3" in the chart below).

The range coincides with the 0.236 to 0.382 Fib levels in ETH/BTC, which range between 0.072 BTC and 0.077 BTC. Therefore, the pair could stabilize within the range. This could be followed by a correction towards 0.068 BTC to 0.064 BTC where near-term support lies.

A clear break below the 0.068 BTC – 0.064 BTC range could see Ether drop towards its multi-month ascending trendline, which has acted as a solid support after the April-May 2022 downtrend.

With mLTF bearish indications from the red box, the price may visit the lows of the green box.

The red lines are another resistance zone. https://t.co/6zFhLWT1A0 pic.twitter.com/rKnxWsCS3E

— Efloud (@EfloudTheSurfer) October 26, 2022

This leaves the key downside target for ETH/BTC around 0.059 BTC in Q4 2022, down 20 percent from current levels.

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