Cryptocurrency analysts are reporting bullish signals for Ethereum against Bitcoin, with the ETH/BTC ratio indicating a potential shift in market dynamics. The Relative Strength Index (RSI) on the ETH/BTC daily chart has broken out of a three-month downtrend, signaling increased buying strength and momentum for Ethereum, as noted by analyst Gordon Gekko.
Additionally, the Moving Average Convergence Divergence (MACD) has printed a fresh bullish cross, with the 12-day and 26-day EMAs suggesting an upward trend. Ethereum's price has defended key support levels, briefly dipping to $2,992.23 before rallying to a high of $3,167.93 and currently trading at $3,094.46, up 1.09% in the last 24 hours.
Despite a 29.83% drop in trading volume to $34.4 billion, analysts anticipate a reversal, particularly with the upcoming Fusaka upgrade in early December, which will introduce PeerDAS to enhance layer-2 data capacity and reduce transaction costs. This could boost network activity and positively impact Ethereum's price outlook.
The ETH/BTC pair has also formed a bull flag pattern on the daily chart, with a potential breakout above 0.036 validating the pattern, as highlighted by Ash Crypto. The ratio has repeatedly held the 0.032 support area, with the 200-day EMA and MA providing structural strength. Historically, such developments often precede altcoin rallies, as Ethereum's performance serves as a key indicator for the broader altcoin market.
In contrast, Bitcoin has seen a modest 0.31% increase to $91,424.57, with trading volume down 32.12% to $79.05 billion, as investors remain cautious amid market volatility.
