Bitcoin (BTC) has made a comeback, stabilizing above $41,500, easing fears of further declines. Although not making significant gains, its current price level could support a resurgence in altcoins.
Ethereum (ETH) is targeting higher levels on the weekly chart, maintaining an uptrend support line since July. Despite corrections, ETH recently overcame a key 1000-day support/resistance region, especially after the launch of spot ETH ETFs and anticipation of network upgrades that could reduce transaction fees.
ETH reached a peak of $2,717 on January 11 before falling back, with the weekly RSI confirming a bearish trend. Analysts are divided on ETH’s short-term trajectory, with some predicting a continued decline against BTC, while others forecast an imminent bullish period.
Michael Poppe suggests that ETH will gain against BTC, citing Bitcoin’s bottoming, the potential for an altcoin rally, the ETH Spot ETF hype, and cost-reducing Ethereum upgrades as reasons. In contrast, CredibleCrypto expects ETH’s decline against BTC to persist, with technical indicators like the RSI suggesting a continued downtrend.
On January 23, ETH lost a nearly three-month trend line, with a dip in the RSI below the neutral zone confirming the breakdown. If the current support at $2,200 fails, ETH could drop to $1,980, a 11% loss, but a strong rebound could signal a return to the $2,400 trend line.