Ethereum Traders Eye 'Swing Longs' As ETH Outperforms BTC

Ethereum (CRYPTO: ETH) has outperformed Bitcoin (CRYPTO: BTC) over the past month, rallying 17% while BTC dropped 5%.

What Happened: Crypto trader CJ stated that he had originally planned to bid on an Ethereum pullback, with invalidation below recent lows.

However, he removed bids and now has alerts set for actionable levels.

CJ revealed that he is still holding a swing long from around $4,200 aiming for all-time high levels. Presenting his bullish arguments, he sees an inverse head and shoulders pattern targeting $4,680.

He added that a broken 4H diagonal and liquidity run near $4,100 remain in play

The trader is looking forward to if the Jackson Hole sparks a "turbo send" higher, or if Bitcoin dips to around $112,000 for one last flush, then will look to enter precision Ethereum longs, as it remains the stronger asset. 

Also Read: Ethereum Consolidates Below $4,300: Is $5,000 Or $4,000 Next?

What's Next: In another X post on Aug 21, CJ said if ETH reclaims local highs while BTC sweeps $112,000, the altcoin could form a higher low near $4,160, a bullish setup for new all-time highs.

If ETH fails to reclaim structure, weaker bids during a BTC flush could trigger a deeper demand test.

Ted Pillows highlighted that whale demand is growing, addresses holding more than 10,000 ETH have increased by more than 200 since July, underscoring institutional-sized accumulation.

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