As of February 13, 2025, the $ETH /$BTC trading pair is exhibiting notable technical patterns that may influence its future trajectory.
In November 2024, Ethereum successfully breached a 161-day descending trendline against Bitcoin, signaling a potential shift towards a bullish trend. This breakout indicated a possible reversal of the prior downtrend, suggesting increased strength of ETH relative to BTC.
On the monthly chart, ETH/BTC has formed a symmetrical triangle pattern, characterized by converging support and resistance levels. Currently, the price is approaching the lower boundary of this formation, which often precedes significant price movements. Key resistance levels to monitor include 0.0540, 0.0859, and 0.1202 BTC.
Momentum indicators provide additional insights. The Relative Strength Index (RSI) on the monthly timeframe is nearing oversold territory, suggesting diminishing selling pressure and a potential opportunity for buyers to re-enter the market. Similarly, the Chaikin Money Flow (CMF) indicator is trending towards positive values, indicating growing buying interest.
In summary, the ETH/BTC pair is at a critical juncture. A decisive move above the identified resistance levels could confirm a bullish reversal, while failure to hold current support may lead to further consolidation or a downturn. Traders should closely monitor these key levels and indicators to inform their strategies.
