{"id":24316,"date":"2023-03-23T03:40:22","date_gmt":"2023-03-23T10:40:22","guid":{"rendered":"https:\/\/coinnetworknews.com\/ethereum-faces-6-month-lows-versus-bitcoin-will-eth-price-rebound\/"},"modified":"2023-03-23T03:40:22","modified_gmt":"2023-03-23T10:40:22","slug":"ethereum-faces-6-month-lows-versus-bitcoin-will-eth-price-rebound","status":"publish","type":"post","link":"https:\/\/coinnetworknews.com\/ethereum-faces-6-month-lows-versus-bitcoin-will-eth-price-rebound\/","title":{"rendered":"Ethereum faces 6-month lows versus Bitcoin \u2014\u00a0Will ETH price rebound?"},"content":{"rendered":"
\n

Ethereum’s native token, Ether (ETH<\/a>), continues its multi-month downtrend against Bitcoin (BTC<\/a>) in March, rising 5.5% versus the latter’s 19.5% gains on a month-to-date (MTD) timeframe.<\/p>\n

Bitcoin overshadows Ethereum amid banking crisis<\/h2>\n

As of March 23, the ETH\/BTC pair was down about 9% month-to-date (MTD) to 0.0633 while staying on course to record its worst month since September 2022 when it fell 11.75%.<\/p>\n

ETH\/BTC monthly price chart. Source: TradingView<\/em><\/figcaption><\/figure>\n

From a fundamental perspective, traders preferred Bitcoin over Ether, hoping it would protect them from the ongoing banking turmoil<\/a> in the U.S. and other parts of the world. The narrative gained momentum in recent weeks as Wall Street investors like Cathie Wood<\/a> see Bitcoin as a potential “flight to safety” asset.<\/p>\n

\n

\u203c\ufe0fCATHIE WOOD: #Bitcoin<\/a>‘s response to the banking crisis is the most dramatic example that innovation solves problems. #Bitcoin<\/a> was a flight to safety. pic.twitter.com\/1lTD2Drto3<\/a><\/p>\n

\u2014 Bitcoin Archive (@BTC_Archive) March 21, 2023<\/a><\/p><\/blockquote>\n

As a result of the growing speculation, Bitcoin outperformed traditional assets after March 8, when signs of trouble appeared at Silicon Valley Bank<\/a>. In doing so, BTC also fared better than the altcoin market combined, including Ethereum.<\/p>\n

Bitcoin, S&P 500, Gold, and Altcoin market performances in March. Source: TradingView\u00a0<\/em><\/figcaption><\/figure>\n

ETH paints bullish fractal vs. BTC<\/h2>\n

But from a technical perspective, Ethereum is positioned for a comeback versus Bitcoin.<\/p>\n

At least two technical indicators pose the possibility that ETH\/BTC will rebound sharply in the coming weeks.<\/p>\n

Related:\u00a0Ethereum price at $1.4K was a bargain, and a rally toward $2K looks like the next step<\/a><\/em><\/strong><\/p>\n

First, the pair’s three-day relative strength index (RSI) has dropped below 30, which technical analysts consider an “oversold” area. <\/p>\n

Second, Ether’s drop versus Bitcoin has landed its price near its ascending support level (buy zone in the chart below).<\/p>\n

ETH\/BTC three-day price chart. Source: TradingView<\/em><\/figcaption><\/figure>\n

A similar scenario in the June-July 2022 session preceded an approximately 60% rally toward ETH\/BTC’s descending trendline resistance (sell zone in the chart above). If the fractal plays out, the pair could rally toward the same resistance level by June 2023.<\/p>\n

In other words, Ether has a decent chance\u00a0 at rebounding by more than 15% to around 0.075 BTC. Conversely, a break below the ascending trendline support will invalidate the bullish fractal.<\/p>\n

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.\n<\/p>\n