A rising wedge pattern is developing on Ether’s daily chart versus Bitcoin, increasing the likelihood of a breakout move by New Year’s.
Ethereum’s native token, Ether (ETH), is well-positioned for gains versus Bitcoin (BTC) in the coming weeks, based on favorable ETH/BTC technicals and bullish divergences.
One of the main reasons behind a potential ETH/BTC rally is its prevailing falling wedge pattern.
A falling wedge is a classic bullish reversal pattern that forms when the price creates lower highs and higher lows with two converging trendlines. It’s resolved after the price breaks above the upper trendline and rises to a level at a length equal to the maximum distance between the upper and lower trendlines.
