Is Ethereum performing better than Bitcoin? ETH/BTC indicator shows strongest bullish signal in years

Technical indicators suggest that altcoins are entering a strong bull run, with the Ethereum/Bitcoin pair providing one of the strongest bullish signals yet.

Relative Strength Index (RSI) and MACD data suggest that Ethereum is clearly gaining momentum relative to Bitcoin.

Cryptocurrency analyst Gordon Gecko said that the RSI witnessed a bullish breakout on the daily frame of the ETH/BTC pair, reflecting rising purchasing power and growing interest in Ethereum (compared to Bitcoin).

Ethereum continues to hold an important support area above $3,000.

After briefly falling to $2,992 in the past 24 hours, it rose again to $3,167 and is currently stable around $3,094, up slightly by 1.09%.

The rise follows a broad market recovery and coincides with a drop in the Fear Index to a record low of 16, which has bolstered investor risk appetite.

However, trading volumes remained lower at around 29% at $34.4 billion due to caution over future developments.

The Ethereum community is looking forward to the Fusaka upgrade scheduled for early December, which will introduce PeerDAS with the goal of increasing Layer 2 data capacity and reducing transaction costs.

Falling fees will enhance network activity and support positive price expectations.

Gecko also noted that Ethereum’s MACD saw a clear bullish crossover on the 12th and 26th, which supports the continuation of the uptrend.

Historically, reversals in the ETH/BTC pair have represented an early signal of the onset of broad-based strength in the altcoin market, with Ethereum being the most indicative indicator of market risk appetite.

Bitcoin, on the other hand, continues to have an uncertain trend, rising only slightly by 0.31% to around $91,424.

El Salvador’s announcement of increased Bitcoin holdings was not reflected in price movements, with Bitcoin trading volume falling 32% to $79 billion as investors continue to await new stimulus measures.

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