Ethereum may have bottomed against Bitcoin says renowned technical analyst

One of the most prominent cryptocurrency technical analysts, Peter Brandt, thinks that Ethereum may have bottomed against Bitcoin.

Bottoming against BTC. Ethereum has been on a steady decline for over the last two years after peaking at nearly 15.3 million satoshis on June 13, 2017.

Although ETH experienced a significant bullish impulse through the first half of this year, it recently reached a new low of 1.6 million satoshis.

At the moment, Ethereum is testing the 2.2 million satoshis resistance level.

If Ethereum is indeed bottoming out and preparing for upward momentum it could find resistance on its way up around 2.7, 3.7 and 5.2 million satoshis.

Conversely, if it moves below the 1.7 million satoshis support level it will likely try to test the next level of support at 1.2 million satoshis.

Consolidating against USD. As Ethereum signals a possible bottom against Bitcoin, it continues consolidating against its U.S. dollar pair.

A break above $182.80 could allow Ethereum to surge up to the $195 or $205 resistance level.

After plummeting nearly 90 percent from a high of 15.3 million satoshis to a low of 1.6 million satoshis, Ethereum could have hit bottom against BTC. If confirmed, this crypto could soon rise 15 percent to reach 2.5 million satoshis, which is based on an ascending triangle pattern that is forming on its 1-day chart.

Along the same lines, against the U.S. dollar Ethereum appears to be on the verge of a major move.