ETHBTC Trend Line Analysis - Macro View
ETHBTC looks extremely interesting here as it shows which asset can expect greater relative performance between the top 2 Cryptocurrencies over the coming months. .028 has been a strong support/resistance area since 2017 along with the multiyear downtrend line from 2017 forming a nice clean descending triangle. ETHBTC broke below .028 mid 2019 and trended down for about 6 months before heading higher and breaking the downtrend line mid-February as well as hitting .028 resistance. I expect a move lower to retest the downtrend line likely around .022ish before heading higher and eventually breaking .028 resistance. Technical Analysis theory states that a failed breakdown will result in a strong move higher. Given we are looking at a 3+ year pattern, 6 months can be considered a "failed breakdown period" within the same pattern and given the recent price action it looks like ETH is finally ready to outperform BTC in the coming months.
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