Ethereum Breaks Multi-Month Downtrend Against Bitcoin
Ethereum's price has been gaining strength against Bitcoin, breaking a multi-month downtrend and forming a higher high on the ETH/BTC chart. This move suggests a possible shift in market structure, with Ethereum starting to show more relative strength against its rival.
A large Ceffu purchase of $145.92 million worth of ETH has added to the interest in Ethereum's price, as traders watch demand and market strength closely. The breakout itself is not enough; Ethereum needs to defend its new structure and hold above the 0.03205 level, according to Crypto Patel.
The next important area for Ethereum is the $2,480 to $2,530 resistance zone, with support between $2,355 and $2,405. A daily close above this resistance would give the recovery more strength, but a break below support could make the bounce look like a short-term reaction.
Traders will be watching both the ETH/BTC chart and key dollar levels closely for now, as Ethereum's price continues to test key price levels across the market. The bullish case depends on follow-through: if ETH/BTC holds its new structure and clears resistance, the recent move could remain a setup in place.