Ethereum Price Nears Support Against Bitcoin, Showing Signs of Potential Rebound
• Ethereum (ETH) price has moved slowly relative to Bitcoin (BTC) for nearly 500 days, falling under descending resistance since Sept 2022.
• ETH/BTC recently hit 1600-day support line for 4th time; weekly RSI generated rare bullish divergence signal seen only twice before.
• Analysts predict ETH will soon bottom against BTC despite ongoing downtrend.
• ETH price trades inside descending channel since Sept 2022, approaching channel support around ₿0.048.
• Breakdown below support could cause 30% drop to ₿0.037, but bullish signs suggest potential 20% bounce off support.