Ethereum eyes a comeback against Bitcoin after losing nearly 10% in March.
Bitcoin, S&P 500, Gold, and Altcoin market performances in March. Source: TradingViewBut from a technical perspective, Ethereum is positioned for a comeback versus Bitcoin.
At least two technical indicators pose the possibility that ETH/BTC will rebound sharply in the coming weeks.First, the pair's three-day relative strength index has dropped below 30, which technical analysts consider an"oversold" area.ETH/BTC three-day price chart. Source: TradingView A similar scenario in the June-July 2022 session preceded an approximately 60% rally toward ETH/BTC's descending trendline resistance . If the fractal plays out, the pair could rally toward the same resistance level by June 2023.
In other words, Ether has a decent chance at rebounding by more than 15% to around 0.075 BTC. Conversely, a break below the ascending trendline support will invalidate the bullish fractal. 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.
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