- ETH/BTC forms a strong symmetrical triangle pattern as ETH gains momentum, preparing for an altcoin market surge.
- ETH trades above its 50-day MA while remaining below the 200-day, signaling a transitional phase with bullish pressure building.
- Weakening BTC dominance and a potential dip below $100k could ignite a breakout in ETH/BTC and broader altcoin momentum.
Ethereum is positioned for a possible breakout on the ETH/BTC trading pair as it displays strength against Bitcoin. The pair is up 0.92% on the day and is currently trading at 0.02425 BTC. The market is becoming more optimistic about all altcoins, particularly as ETH starts to outperform. A symmetrical triangle that is forming on the daily timeframe and indicates compressed volatility prior to a breakout move is highlighted by analyst Sykodelic. A broader altcoin rise might result from this, particularly if Bitcoin’s dominance keeps its bearish structure.
Source: Sykodelic
The ETH/BTC pair recently broke above the 50-day moving average in late April. This rally shifted sentiment and encouraged buyers to return. Since then, price action has tightened, forming consistent higher lows and lower highs. These movements shape the symmetrical triangle bounded by upward and downward sloping trendlines. Importantly, multiple touches of these levels confirm the structure’s reliability. The current setup now favors an imminent breakout.
ETH/BTC Moves into Bullish Transition
Besides the bullish short-term price action, the pair still trades below the 200-day moving average. However, the price remains above the 50-day moving average, showing a shift in momentum. Hence, the market enters a transitional phase, teetering between recovery and reversal. The most recent green candlestick supports this outlook by reflecting strong buying pressure at the trendline.
Moreover, a breakout above the resistance trendline could push the price toward the 0.028 BTC region. That target aligns with the triangle’s projected range. Conversely, if price breaks down, immediate support lies at the ascending trendline. A deeper correction could revisit the horizontal support near 0.0187 BTC. This level previously marked the bottom of a sharp rebound and remains key to maintaining structure.
Altcoin Season and BTC Flash Dip Opportunity
Additionally, Bitcoin’s dominance remains in a bearish formation. This suggests altcoins may continue gaining traction. The OTHERS chart also points to an upside breakout, strengthening the altcoin bullish case. any brief dip in Bitcoin, potentially below $100,000, may offer last-minute entry points for altcoins. Consequently, traders are preparing for strong moves in ETH/BTC and broader altcoin markets.
