Ethereum Gains Ground Against Bitcoin as ETH/BTC Chart Breaks Downtrend

The Ethereum price has gained strength against Bitcoin as the ETH/BTC chart broke its multi-month downtrend and formed a higher high.

Ceffu, an entity that bought $145.92 million in ETH on Binance, added fresh interest to the market with their large purchase.

The Ethereum price faces key resistance at $2,480 to $2,530, while support lies between $2,355 and $2,405.

Crypto Patel pointed out that the breakout came at 0.03205, while the next important area is the 0.0270 to 0.0260 zone.

Ella noted that ETH/BTC needs to defend its new structure and hold above the retest area for the bullish setup to remain intact.