Ethereum’s native token, Ether (ETH), has been declining against its top crypto rival, Bitcoin (BTC), since Sept. 3.
Ether dropped in value against Bitcoin by almost 25% after topping out in September at 0.07955 BTC. As the top altcoin declined, it left behind a trail of lower highs and lower lows, thus forming an ascending channel.
Later, ETH/BTC broke the channel to the upside on Saturday, raising anticipations about a strong extended recovery trend. But a selloff on Sunday and the ongoing session had traders test the channel’s resistance trendline as support.
The sentiment raised Ether’s possibility to reenter the falling range as shown in the chart below.
At the same time, the formation of higher highs in ETH/BTC’s daily commodity channel
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