BULLISH 📈 : Ethereum nears breakout against Bitcoin with bullish outlook

The cryptocurrency market recently experienced significant pressure, with Bitcoin and Ethereum reaching multi-month lows. The decline was more severe for Bitcoin, affecting its relationship with Ethereum.

Technical analysis of the ETH/BTC ratio suggests Ethereum may soon break out against Bitcoin after a long period under a descending trendline.
The current ETH/BTC ratio is around 0.030, showing potential bullish momentum as indicated by the recent green candlestick on the 2-week chart.

Potential ETH/BTC Breakout

If Ethereum breaks past the resistance trendline, it could outperform Bitcoin significantly.
Analyst Jonathan Carter identifies upside targets at 0.040 BTC, and potentially up to the 2017 peak of 0.154 BTC.
This outperformance could result from either increased inflows into Ethereum or a sharper decline in Bitcoin.

Such movements might lead to a shift towards Ethereum and altcoins, reducing Bitcoin's dominance in the market.