Ethereum (ETH) $3,336.4 and altcoins are preparing for an upward move with market expectations and technical signals. Crypto analyst Jason Pizzino stated that developments in the ETH/BTC parity indicate a significant altcoin movement. According to Pizzino, a major movement should not be expected before the market consolidation process is completed.
Critical Levels in ETH/BTC Parity
Jason Pizzino emphasized that the ETH/BTC parity recovered in November but has not yet exceeded the 4% level. The analyst stated that the 0.046 BTC level is an important threshold in price balance. “ETH/BTC rebounded in November but needs to break above the 0.046 BTC level. “This will create an increase in price balance,” he said.
While ETH/BTC parity is traded at 0.0342 BTC, the consolidation process continues. Pizzino said consolidation at these levels is a healthy move for the market. “We haven’t seen the necessary balance yet. “It would be logical to expect further consolidation in the market,” he added.
A Repeat of 2020?
Pizzino pointed out that the ETH/BTC parity is similar to the movement pattern in 2020. He reminded that after the large volume and price reversal in December 2020, altcoins experienced a major recovery in January 2021. The analyst stated that an important altcoin signal could occur if the ETH/BTC parity does not remain below the 0.032 BTC level. This signal may indicate that the market is starting to move with confidence.
“ETH/BTC reaching its upper balance would pave the way for the market to act with extreme ambition and excitement,” he stated. According to Pizzino, the increase in the number of buyers could sustainably raise the prices of Ethereum and altcoins.
Despite the current situation in the crypto market, investors are monitoring critical support and resistance levels in the ETH/BTC pair. While the consolidation process continues in the market, comments are made that Ethereum is gathering strength for a big move.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
