Bitcoin News Today: Ethereum Nears 3,409-Day Downtrend Breakout Against Bitcoin

Ethereum is on the verge of breaking a 3,409-day downtrend against Bitcoin, with ETH currently trading at 0.03356 BTC. This level marks a significant resistance on the ETH/BTC chart, defined by a descending trendline dating back to early 2017. The price action has surged nearly 9.57% over the past week, rising from 0.03062 BTC to the current level [1].

The ETH/BTC pair has been in a prolonged bearish trend for almost nine and a half years, with every attempt to break through the descending resistance failing until now. Since July 2025, Ethereum has climbed from support near 0.02234 BTC, entering a long-term demand zone and approaching the key resistance level. A breakout above this trendline would be the first in 487 weekly trading bars—equivalent to 3,409 calendar days—and could signal a shift in the broader market dynamics for both ETH and BTC [1].

If Ethereum closes above the green trendline, it may validate a bullish reversal pattern, potentially triggering increased interest in altcoins and further capital rotation away from Bitcoin dominance. This technical development has drawn attention from traders, with GalaxyBTC highlighting the significance of the upcoming price movement on August 8, 2025 [1].

Recent price action shows Ethereum rising from a weekly low of 0.03059 BTC to a high of 0.03392 BTC. Traders are monitoring the market closely for signs of continuation or reversal. Luka G, a market observer, suggested the potential for ETH to reach $4,000 in dollar terms, while others have called it the breakout that many have been waiting for. However, such statements remain speculative and should not be taken as confirmed outcomes [1].

The ETH/BTC ratio is often used as a barometer for altcoin strength against Bitcoin. A sustained breakout could indicate growing confidence in Ethereum’s performance relative to Bitcoin, which might influence broader market sentiment. Conversely, a rejection at the current trendline could reaffirm Bitcoin’s dominance and lead to a retracement toward established support levels.

As Ethereum approaches this critical juncture, the market remains in a state of anticipation. The potential for a breakout raises a key question: Will ETH finally overcome its longest downtrend against BTC, or will it face another rejection and continue its long-term bearish trend? The answer could shape the next phase of Ethereum’s price trajectory and broader market dynamics [1].

Source: [1] Ethereum Nears 3,409-Day BTC Downtrend Breakout at 0.03356 BTC Level (https://cryptonewsland.com/ethereum-3409-day-downtrend-at-0-03356-btc/)