Ethereum’s native token, Ether (ETH), has ventured into oversold territory multiple times against Bitcoin (BTC) in recent months, but the altcoin has yet to show any signs of finding a price bottom. The trading situation is actually quite similar to a previous scenario, and ETH’s market structure suggests that it could repeat itself in Q2 to Q3 of this year.
Ether’s repeat breakdowns point to more downside
The relative strength index (RSI) on ETH’s 3-day timeframe remains below 30, a level that typically signals a potential bounce.
However, historical patterns show that previous dips into oversold conditions have failed to mark a definitive bottom. Each instance has been followed by another leg lower, reflecting persistent bearish momentum.
ETH/BTC three-day price chart. Source: TradingView
Since mid-2024, the ETH/BTC pair has undergone repeat breakdowns, with losses of around 13%, 21%, 25%, and 19.5% occurring in rapid