ETH Reclaims Support At Critical Levels As Bitcoin OG Makes Bold Move Swapping BTC for ETH

ETH reclaims support at critical levels, igniting altseason expectations.

Bitcoin OG makes bold move swapping million in BTC for ETH

The price of ETH is expected to hit new ATH prices soon.

Expectations for the pioneer altcoin, Ethereum (ETH), continue to stay heavily bullish despite forecasts of a huge correction phase, causing a red and bearish month of September. This is because ETH reclaims support at critical levels as Bitcoin OG makes a bold move by swapping hundreds of millions worth of Bitcoin (BTC) to ETH. This is another bullish indicator for altseason’s arrival, and the fact that ETH has been continually outperforming BTC for the past few weeks

ETH Reclaim Support at Critical Levels

Last week, the pioneer crypto asset, Bitcoin (BTC), went on to set a new ATH at the $124,000 price range, only to see the crypto market experience a steep market price dip soon after. This drop in prices took the price of BTC to $115,000 and below, leaving it trading at the $112,000 price level now. Similarly, the price of Ethereum (ETH) fell from $4,700 to $4,100 price range and is now trading around $4,300

This not only shows how ETH is outperforming BTC, but also shows ETH's steady and resilient climb from the $1,700 price range ETH bottomed at in Q2, only to have made a magnificent rise up to the $4,700 price range, just short of reclaiming its previous ATH price in the $4,800 price range 4 years ago. While analysts debate when the price of ETH will reclaim higher prices and set new ATH prices, a new prediction of a market correction has put a halt to this speculation

At the moment, seasoned analysts are certain that the crypto market is heading towards a heavy correction phase. This expectation is based on historical market patterns where crypto market prices has always dipped during the month of September. Often, September is seen as a red nd berish month and analysts believe this market correction month will take place once again. This time, the price of BTC is expected to drop below the $100,000 price range

However, based on the post above, some believe the price of ETH may not fall as much as the price of BTC during the correction. The analyst in the post says that ETH reclaimed a crucial broken support level in one candle and is still holding support. He then states that if OBV breaks, traders should take more profit, but for now, he advices sticking to the plan of holding a higher time frame bullish structure.

Bitcoin OG Makes Bold Move Swapping BTC for ETH

With stronger signals prevailing on the ETH price chart, it seems that even Bitcoin OG holders are making the daring move of swapping BTC for ETH at this point in the bull cycle. As we can see from the post above, this trader went long on ETH and is buying ETH spot. Over the past 2 days, he sold 2,970 BTC worth $337 million, opened ETH longs totaling 135,265 ETH worth $577 million, and bought 50,472 ETH worth $215 million in spot