ETH to BTC Ratio Struggling to Hold Support
ETH to BTC ratio attempting to hold a new short term line of support.
While the greater market continues its dip in its ratio to USD due to BTC dips, ETH is holding fairly steady in its ratio to BTC. There is a possibility that the support could break down and approach another lower line of support that was a former long-term upper line of resistance. This ratio is a good indicator to see if ETH is outpacing BTC, or if BTC is outpacing ETH.
ETH 4hr candle chart, approximately 2:30pm ET, 9/21/20
On the USD end of things, Ethereum has broken below former support and turned it into new short-term resistance. While MFI is still in oversold territory, Ethereum could still continue to see dips in its ratio to the dollar if the traditional market continues its turmoil in the short term.