Ethereum (ETH) 
$2,378 and altcoins are gearing up for upward movement based on market expectations and technical signals. Crypto analyst Jason Pizzino indicated that developments in the ETH/BTC pair suggest an important altcoin movement. However, Pizzino cautioned that no major movement should be expected until the market’s consolidation process is completed.
Critical Levels in the ETH/BTC Pair
Pizzino emphasized that the ETH/BTC pair has recovered in November but has not yet surpassed the 4% level. He stated that the 0.046 BTC level is a crucial threshold for price balance. “ETH/BTC has recovered in November; however, it must rise above 0.046 BTC to create an increase in price balance,” he noted.
Currently trading at 0.0342 BTC, the ETH/BTC pair is still in a consolidation phase. Pizzino remarked that this consolidation at these levels is a healthy movement for the market. “We have yet to see the necessary balance. It makes sense to expect further consolidation in the market,” he added.
Is 2020 Repeating Itself?
Pizzino pointed out that the ETH/BTC pair resembles the movement pattern observed in 2020. He recalled that after significant volume and price reversal in December 2020, altcoins experienced a substantial recovery in January 2021. The analyst mentioned that if the ETH/BTC pair remains above 0.032 BTC, it could signal an important altcoin movement, indicating that the market is gaining confidence.
“Reaching the upper balance of ETH/BTC prepares the market for movements driven by excessive greed and excitement,” he stated. According to Pizzino, an increase in the number of buyers could push the prices of Ethereum and altcoins higher.
Despite the current state of the crypto market, participants are monitoring critical support and resistance levels in the ETH/BTC pair. As the consolidation process continues, comments suggest that Ethereum is gathering strength for a significant movement.
