Crypto Daily – Ethereum ($ETH) is one of the best-performing of the major cryptocurrencies over the last 24-hours. With older altcoins $XRP and $ADA also putting on great gains over recent days, could $ETH be about to breakout, and also start reversing its long downward trend against $BTC?
Is the latest surge for just a retest of resistance?
Source: TradingView
The $ETH price has followed a downward trend against its $BTC pair (ETH/BTC) since all the way back in 2017. That is a long, long time for the number 2 cryptocurrency by market capitalization.
That said, for the 2021 bull market, $ETH did make some big inroads into wiping out its losses against $BTC. However, since 2022, there has been another long period of downwards movement for $ETH, which culminated in a nasty drop out of the bottom of a 2-year descending channel.
This fall in the ETH/BTC price also took it below a major support level at 0.0335 BTC. With the Stochastic RSI indicators…
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