ETHBTC Breaks Two-Year Downtrend, Eyes First Weekly Uptrend

The ETHBTC pair has shown notable movements recently, marking a potential reversal in its long-standing downtrend. According to market analysts, the Relative Strength Index (RSI) for ETHBTC has broken a two-year downtrend and is currently retesting previous resistance levels, a pattern similar to the bottom reversal observed in 2019. This shift is accompanied by a weekly bullish divergence in both RSI and Moving Average Convergence Divergence (MACD) indicators. Additionally, the most significant daily movement in weeks has been noted, with a 1% up move, and expectations of establishing the first weekly uptrend in over a year as summer approaches. Market sentiment is cautiously optimistic, with further confirmation needed from Bitcoin dominance (BTC.D) breaking its rising wedge to boost confidence in a longer-term bullish setup for ETHBTC. Analysts consider this information as 'free alpha' for market participants.