- ETH/BTC trades at 0.033 BTC, nearing long-term support as RSI hits oversold levels, signaling a potential rebound.
- Since 2016, ETH/BTC’s trendline has held steady, showing resilience through market cycles and consistent buyer interest in support.
- Analysts predict a shift in sentiment as historical patterns suggest oversold RSI levels may trigger renewed Ethereum dominance.
Ethereum’s performance against Bitcoin trades near a vital support level. Since 2016, the pair has followed an ascending trendline, providing strong support through market cycles. Currently, ETH/BTC sits at approximately 0.033 BTC, reflecting its lowest Relative Strength Index (RSI) levels in history. Analysts predict a potential rebound as sentiment remains weak and momentum nears oversold conditions.
Historical Cycles Show Resilience
From 2016 to 2024, ETH/BTC exhibited clear cycles of sharp surges followed by corrections. Initially, in 2016, the price ratio hovered near 0.02 BTC. During a time of upsurge in 2017, Ethereum’s supremacy over Bitcoin peaked at roughly 0.16 BTC.
Source: Mikybull Crypto
2018 saw a sharp fall after this peak, bringing the ratio down to 0.03 BTC. Nevertheless, from 2019 to 2020, the pair consolidated with an upward bias. This period of stability demonstrated the trendline’s role as a consistent support zone.
RSI Signals a Turning Point
By 2021, ETH/BTC broke out strongly, reaching above 0.08 BTC. This rise aligned with overbought RSI levels, indicating bullish pressure. However, the trend shifted as the pair entered a gradual decline through 2022 and 2023.
Currently, ETH/BTC trades slightly above the long-term support established in 2016. The RSI suggests oversold conditions, pointing to weak momentum. Despite this, historical patterns show that support levels like these often attract buying pressure.
Outlook and Implications
Analyst Mikybull Crypto highlights that the ETH/BTC chart reflects a broader market structure. The ascending trendline shows Ethereum’s resilience against Bitcoin, even during corrections. Moreover, the RSI’s current position hints at an imminent rebound.
Significantly, the long-term support trendline remains intact, Supporting its importance in ETH/BTC price dynamics. Besides, the data reflects a cyclical pattern, suggesting potential for another bullish phase.
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