Ethereum’s [ETH] Ongoing Struggle Against Bitcoin [BTC] Continues to Dominate Market Discussions

Ethereum's native token, ETH, was hovering around critical support levels against Bitcoin, while staking trends showed continuous inflow.

As the new week begins, Bitcoin’s [BTC] recent rally has put other altcoins in the spotlight. Among them, Ethereum’s [ETH] ongoing struggle against Bitcoin continues to dominate market discussions, as its ETH/BTC pair remains in a precarious position.

However, recent data revealed that Ethereum’s native token, ETH, was hovering around critical support levels against Bitcoin, while staking trends showed continuous inflow. Here’s what the charts tell us about Ethereum’s trajectory and market health.

Ethereum testing key resistance in ETH/BTC

Ethereum’s ETH/BTC pair experienced a modest recovery from its recent dip, trading at 0.03469 BTC at the time of writing.

This followed a significant decline that saw ETH breach the 50-day and 200-day moving averages earlier this year, solidifying a bearish crossover.

The recent uptick, however, brought it back above 0.034, but the 200-day MA, at 0.0459 BTC at press time, loomed as a formidable resistance level.

A closer look at the daily chart revealed that the Moving Average Convergence Divergence (MACD) showed a bearish trend, with the signal line still below zero.

The Stochastic RSI pointed to oversold conditions, hinting at potential relief rallies.

Meanwhile, the On-Balance Volume (OBV) suggested muted momentum, further reinforcing the notion that ETH has been facing significant challenges in reclaiming dominance against Bitcoin.

ETH/USD trend: Bullish momentum into key resistance

In contrast to its struggles against Bitcoin, the ETH/USD pair painted a more optimistic picture.

Ethereum was trading at $3,147 at press time, having already reclaimed the 200-day moving average at $2,955.

The recent bullish crossover between the 50-day and 200-day MAs signaled a potential shift in momentum, with key resistance levels around $3,200 being closely watched.

Further analysis of the daily chart revealed that the Relative Strength Index (RSI) hovered near 71, indicating slightly overbought conditions.

At the same time, the MACD remained in bullish territory, suggesting room for further upside.

Ethereum’s ability to hold above $3,000 will be crucial in maintaining its upward trajectory in the coming weeks.

Ethereum’s TVL remains bright as staked ETH hits new highs

On the staking front, Ethereum’s fundamentals remained robust. The total value staked in Ethereum’s network hit an all-time high of 34.8 million ETH, underscoring strong confidence among holders.

This metric, paired with Ethereum’s press time price of $3,100, highlighted a steady increase in staking participation despite the lackluster performance against Bitcoin.

Data from CryptoQuant revealed that staked ETH grew consistently over the past year, even as Ethereum’s price endured volatility.

This resilience could signal a longer-term bullish sentiment for the network, even if the ETH/BTC pair falters in the short term.

What’s next for Ethereum? The broader market sentiment around Ethereum is mixed

While the growing total value staked paints a picture of investor confidence, the ETH/BTC pair’s inability to sustain key levels raises concerns.

ETH’s path forward depends heavily on its ability to regain strength against Bitcoin, particularly as Bitcoin’s dominance continues to rise.

For Ethereum to regain footing, a break above the 0.045 BTC resistance is essential. Meanwhile, the 0.033 BTC support remains critical to watch in the event of further declines.