The ETHBTC pair has shown notable movements recently, marking a potential reversal in its long-standing downtrend. According to market analysts, the Relative Strength Index (RSI) for ETHBTC has broken a two-year downtrend and is currently retesting previous resistance levels, a pattern similar to the bottom reversal observed in 2019. This shift is accompanied by a weekly bullish divergence in both RSI and Moving Average Convergence Divergence (MACD) indicators. Additionally, the most significant daily movement in weeks has been noted, with a 1% up move, and expectations of establishing the first weekly uptrend in over a year as summer approaches. Market sentiment is cautiously optimistic, with further confirmation needed from Bitcoin dominance (BTC.D) breaking its rising wedge to boost confidence in a longer-term bullish setup for ETHBTC. Analysts consider this information as 'free alpha' for market participants.
$eth and even eth/btc showing some serious strength today. https://t.co/FdNoUh5ltF
$ETH starting to perk up ๐ฅน
wen you realize eth/btc is pumping aggressively https://t.co/14Xo9y4LG4
$ETHBTC with the most significant move on the daily in weeks, let's see if bulls can confirm the first weekly up trend in over a year into this Summer: I would also need BTC.D to break this rising wedge for confidence in the longer term setup. https://t.co/tdjTDbIWQT
$ETHBTC's RSI has broken a two-year downtrend and is currently back testing previous downtrend resistance, reminiscent of the 2019 bottom reversal. Additionally, there is a clear weekly bullish divergence evident in both RSI and MACD. Consider this as free alpha for you. https://t.co/gfUFbBT07i
after a year+ of ethbtc down only, these sorts of "wow big relative strength for eth" posts are getting genuinely comical. and i say that holding a lot of eth. 4/27/24's "ETHBTC reversing" is happening here, a 1% up move barely visible among infinite temporary pumps that reverse: https://t.co/zqcL5fLCyV https://t.co/GwBreXeV6m