The ETH/BTC pair is showing weakness today. Cointelegraph explains why.
Ethereum's native cryptocurrency, Ether (ETH), has gained over 20% against Bitcoin (BTC) since Feb. 12. This notable surge has occurred primarily due to anticipations about a potential approval for a spot Ethereum Exchange-Traded Fund (ETF) in the U.S. by May of this year.
However, the widely-tracked ETH/BTC pair has reached a historical inflection point that could boost its correction risks in the coming days. Let's explore these bearish setups in detail as follows.
Notably, the four-hour ETH/BTC chart below shows Ether treading around its 1.00 Fibonacci retracement level at 0.06044 BTC. In addition, its relative strength index (RSI) reading has turned "overbought" after crossing above 70, indicating a correction scenario.
