Ethereum price breaks out of bull flag: mega breakout on the way?

The Ethereum price is showing a remarkable movement. On the monthly ETH/BTC chart, a breakout from a so-called bull flag is visible, and according to analyst MikybullCrypto, this is just the beginning. He states that the big move is yet to come and that the real fun is only just beginning.

Ethereum is available at OKX and Bybit.

ETH/BTC chart shows long-awaited breakout

On the monthly chart of Ethereum relative to Bitcoin, the ETH/BTC ratio has been in a declining trend for years. From a peak around 0.15 BTC in 2018, the price has been steadily declining, with temporary recovery periods in 2021 and 2022. Currently, the ratio is around 0.02996 BTC, indicating that Ethereum is at a historical low relative to Bitcoin.

What makes the analysis interesting is the pattern recognition at the bottom of that declining trend. The chart shows a bull flag just above a long-term support line. MikybullCrypto sees the price now breaking out of that pattern, which traditionally counts as a bullish signal for further upside.

Ethereum rises over 4% in 24 hours

In dollar terms, Ethereum is also performing well. The price currently stands at $1.960, a rise of 4.6% in the past 24 hours. That is a significant move that aligns with the positive sentiment the analyst outlines on the long-term chart.

Whether the expected mega breakout actually materialises naturally depends on several factors, including broader market conditions and the development of Bitcoin dominance. Nevertheless, MikybullCrypto’s technical analysis paints a clear picture: the ETH/BTC ratio is at a crucial point, and according to him, an upward breakout could trigger significant price movements.