ETH/BTC has been in a steady downtrend, mirroring a past cycle that preceded a major breakout. Is ETH gearing up to outpace BTC once again?
This setup closely resembles the 2017-2019 cycle, where ETH/BTC hit an all-time low before staging a significant recovery. Currently, the ETH/BTC pair mirrors that pattern, testing the same key support level.If history repeats, a momentum shift could be underway. After the 2017-2019 cycle, ETH closed 2020 with a staggering 487% YTD gain, outperforming BTC’s 302%., indicating potential accumulation as ETH consolidates within the $2.7K-$2.8K range.
The ETH/BTC pair remains in a downtrend, with the RSI signaling a potential bottom. However, a 20% decline in tradingare emerging. For ETH to regain bullish momentum, it must reclaim $3.5K as support before attempting a breakout toward its post-election peak of $4K. Given historical trends and technical indicators, ETH’s current consolidation phase could be a setup for a potential rebound.
Traders should closely watch volume inflows and bullish divergences in the ETH/BTC pair to validate the repeat of the 2017-19 cycle.Ripley is a full-time crypto-news journalist with a fascination for blockchain tech and how it makes lives easier on multiple levels. She has been trading since 2019, and has a keen eye for market movements and analyses.Subscribe to get it daily in your inbox.
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