Ethereum’s native token, Ether (ETH $1,754), continues its multimonth downtrend against Bitcoin (BTC $27,531) in March, rising 5.5% versus the latter’s 19.5% gains on a month-to-date timeframe.

From a fundamental perspective, traders preferred Bitcoin over Ether, hoping it would protect them from the ongoing banking turmoil in the U.S. and other parts of the world. The narrative gained momentum in recent weeks as Wall Street investors like Cathie Wood see Bitcoin as a potential “flight to safety” asset.

As a result of the growing speculation, Bitcoin outperformed traditional assets after March 8, when signs of trouble appeared at Silicon Valley Bank. In doing so, BTC also fared better than the altcoin market combined, including Ethereum.

Bluntz_Capital shared his optimism on Ethereum and his two altcoin gems with bullish potential. The analyst believes that Fantom (FTM) and Frax Share (FXS) are the two altcoins that are most likely to witness a bullish breakout in the short-term.

However, from a technical perspective, Ethereum is positioned for a comeback versus Bitcoin.

At least two technical indicators pose the possibility that ETH/BTC will rebound sharply in the coming weeks.

First, the pair’s three-day relative strength index has dropped below 30, which technical analysts consider an “oversold” area.

Second, Ether’s drop versus Bitcoin has landed its price near its ascending support level.

A similar scenario in the June–July 2022 session preceded an approximately 60% rally toward ETH/BTC’s descending trendline resistance (sell zone in the chart above). If the fractal plays out, the pair could rally toward the same resistance level by June 2023.

In other words, Ether has a decent chance of rebounding by more than 15% to around 0.075 BTC. Conversely, a break below the ascending trendline support will invalidate the bullish fractal.

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