Ethereum (ETH) Price Rises 25% as Bitcoin (BTC) Pair Nears Historical Support

Key Takeaways

• Ethereum (ETH) follows a descending resistance trend line.
• ETH has lost over 75% of its value against BTC since 2021.
• How long will Ethereum’s downward trend continue?

Ethereum kicked off April with a strong rebound of over 25%, reaching a diagonal and horizontal resistance area at $1,830.

However, this rally is only present on the USD chart. The ETH to BTC chart paints a different picture, showing a steady downward trend that has been ongoing for over three years.

With Ethereum approaching its 2019 lows against BTC, all eyes are on the ₿0.0017 horizontal support area to see if it can finally lead to a bounce.

Ethereum Price Bounces

The Ethereum price has fallen under a descending resistance trend line since its cycle high of $4,108 in December 2024.

Ethereum’s downward movement culminated with a low of $1,385 on April 7, validating the $1,550 horizontal area as support.

Ethereum bounced afterward (green icon) and rallied, but it has yet to break out from the 126-day-old descending resistance trend line.

If a breakout were to happen, the next closest resistance would be at $2,350, a previous long-term horizontal support area.

Technical indicators do not confirm this bullish trend reversal.

The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) have started to trend upward but are below their bullish thresholds at 50 and 0, respectively.

So, the weekly time frame analysis does not confirm whether Ethereum’s price will break out.

Completed ETH Correction

The daily time frame chart shows that ETH has completed a five-wave downward movement (red) since the cycle high.

The move is inside a descending parallel channel, where the ETH price bounced on April 7.

A bullish divergence (orange) in the MACD preceded the upward movement, increasing its legitimacy.

However, ETH failed to reach the channel’s resistance trend line. Despite trading in its upper portion, the price has hit a roadblock at the $1,820 resistance area.

The short-term count (green) supports this bearish outlook.

According to the count, ETH has completed an A-B-C corrective structure (green), with wave B being a symmetrical triangle.

Waves A and C have the same length, which is another sign that suggests the corrective rally is complete.

ETH Loses Ground vs BTC

The ETH to BTC chart shows a significant downward trend since December 2021.

The price has lost 77% of its value and nearly reached the ₿0.0017 horizontal support area, the previous bear market low.

Unlike the USD pair, Ethereum shows no bullish signs against Bitcoin.

Instead, the RSI and MACD are both falling and in bearish territory while the price trades in no apparent pattern.

So, while the ₿0.0017 horizontal is one of the longest-standing Ethereum support levels, no immediate signs suggest the Ethereum price will perform well against Bitcoin.

Ethereum’s Struggles Continue

The Ethereum price bounced against the USD on April 7, increasing by over 25% and reaching a diagonal and horizontal resistance.

However, the ETH to BTC struggle continues, and the price risks falling below its previous bear market lows.

No bullish reversal signs are developing, so ETH could plunge to an over-five-year low against BTC.