Ethereum has spent the better part of recent months losing ground to Bitcoin, and this underperformance may now be approaching a turning point, at least according to a new technical outlook shared by crypto analyst CrediBULL Crypto. The technical analysis shows that the ETH/BTC pair is no longer breaking down and is now quietly settling down at a level that has always led to sell-off exhaustion in the pair.
The ETH/BTC 12-hour chart tells a story that has been unfolding since July 2025 and is now nearing a completion. The ETH/BTC chart shows a pair that has spent recent months grinding lower before finally reaching a support zone. As shown in the chart below, the ETH/BTC ratio has been in a sustained decline for the past few years from a peak near 0.0420 in mid-2025, which the analyst labels as wave 5 of a completed five-wave impulse.
The ratio worked its way down through a series of lower highs and lower lows throughout the second half of 2025 and January 2026. However, it has been compressed between February and March into what looks like a macro support zone between approximately 0.02143 and 0.02626.
This support was noted by CrediBULL Crypto as being important in this context, with the analyst pointing out with confidence that the ETH/BTC pair is bottoming here and is in a final stage preceding a true breakout from the current range.
Ethereum/Bitcoin Chart. Source: @CredibleCrypto On X
The Elliott Wave labeling on the chart frames the current structure on the ETH/BTC pair as a (w)-(x)-(y) correction after the previous five-wave impulse that peaked in mid-2025. Wave (w) has played out in full, and the projection is a wave (x) move that should see the Ethereum price going on a 20% move up on the Bitcoin price.
The most important step in this projected move is reclaiming the previous range lows around 0.0308-0.031, which have now flipped into resistance. Failure to reclaim the level would likely delay this scenario, but the current price action has been characterized by repeated attempts to push higher.
Switching to the ETH/USD 30-minute chart, the analyst overlays a Wyckoff Accumulation schematic to the current price action. The Ethereum/USD chart complements the ETH/BTC outlook, showing price trading in a range just above $2,000. This is above a notable support level around the $1,900-$1,950 range, where multiple reactions have occurred.
Ethereum Price Chart. Source: @CredibleCrypto
There’s also a pink resistance zone above, which is around roughly $2,120 to $2,200. CrediBULL Crypto’s projection, illustrated by the green arrows, envisions a brief retest of support below $1,900 before an upside resolution that pushes the ETH price above the pink resistance zone to $2,400 and maybe higher.
