Ethereum outperforming relative to Bitcoin

7

April 2021

By

Alex Cole

While it is true that to an extent the price movement of Bitcoin drives the other cryptocurrencies, it is possible to find outperformance of course in other coins.
For the last few months, Ethereum, relative to Bitcoin has underperformed. The chart shows the GoNoGo Trend and Oscillator applied to $ETHBTC. When looking at the pair, when the GoNoGo Trend is "NoGo", painting purple and pink bars, Ethereum is underperforming. We see that was the case in the middle of this chart. Of late though, the trend has changed. First, we saw bullish divergence between price and the oscillator with price making lower lows but the oscillator making higher lows. Then the GoNoGo Oscillator broke the zero line and burst into positive territory on heavy volume, (heavy volume is represented by the dark blue line of the oscillator). This led the GoNoGo Trend as it fell out of the NoGo first painting amber "Go Fish" bars, then identifying a "Go" trend with blue and aqua bars. We will look to see now if as the GoNoGo Oscillator approaches the zero line if it finds support there. If it does, we would expect the Go trend to persist and the outperformance of Ethereum relative to Bitcoin to continue.