ETH/BTC Technical Analysis: Breakout soon?

[Adriana Lowe]

(credit: Chart from Sigma by Hydra X)

The ETH/BTC pair been consolidating in a long-term triangle since its highs from early Feb 2018, and is approaching a technical inflection point. The pair seems to be testing its long-term descending trend line, and may find some price support in the form of its 200-day SMA. A break above the trend line could see ETH gaining ground on its BTC cousin. However, given the tepid nature of price action, lacklustre volumes and a lack of momentum as reflected by stochastic levels, traders should manage expectations of any breakout being explosive.