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ETH/BTC: The 2017-19 cycle returns, Change Bitcoin?
Can ETH outperform BTC in the middle of Q3?
Historical trends suggest that Ethereum (ETH) may outperform Bitcoin (BTC) in the middle of the third quarter, as the Stochastic RSI indicator has held below 20 for two years - a rare oversold condition. This setup is reminiscent of the 2017-2019 cycle, when ETH/BTC hit all-time lows before a strong recovery. Currently, the ETH/BTC pair is testing that major support level.
If history repeats itself, a change in momentum may be underway. After the 2017-2019 cycle, ETH ended 2020 with a 487% YTD increase, surpassing BTC at 302%. Currently, the supply is narrowing, indicating the potential for accumulation as ETH consolidates around 2.7K-2.8K USD. The MACD indicator also shows initial signs of a bullish crossover, suggesting a possible trend reversal. Is Ethereum on the verge of breaking out against Bitcoin?
ETH/BTC - Where are investors heading emotionally?
Ethereum has lost more than 80 billion USD in market value this month, lagging behind Bitcoin in the uncertain market context. The ETH/BTC pair continues to decline, with the RSI indicator showing a potential bottom. However, a 20% decrease in trading volume indicates weak accumulation, making an immediate reversal less likely to occur.
However, early signs of price increase are emerging. For ETH to regain upward momentum, it needs to establish support around 3.5K USD before attempting to break through the post-election 4K USD peak. Based on historical trends and technical indicators, the current consolidation phase of ETH could set the stage for a potential recovery. Traders should closely monitor volume flow and increasing divergence in the ETH/BTC pair to confirm the repetition of the 2017-19 cycle.