Ethereum Breaks Support Against Bitcoin — Double Top Takes ShapeEthereum / BitcoinBINANCE:ETHBTCDukesMarketAnalysisDouble Top Followed by Support Breakdown Ethereum has suffered a significant deterioration against Bitcoin following the potential double top around 0.03342 BTC. The subsequent series of lower highs has now been followed by a decisive break beneath the important 0.03171 support level, strengthening the bearish structure. Major Fibonacci Support Lost ETH has now broken below the important support zone around 0.03070 BTC, which previously attracted buyers on multiple occasions. This area also contained the 0.618 Fib at 0.03096 and the 0.786 at 0.03029, making the breakdown particularly significant for the medium-term outlook. 21/8-Day EMAs Turn Bearish The 21/8-day EMAs have now crossed bearishly, with price trading beneath both averages as they begin to slope lower. This reinforces the weakening structure and suggests Ethereum's recent period of relative strength against Bitcoin is now coming under increasing pressure. Selling Pressure Begins to Increase The latest decline has been accompanied by stronger selling volume, adding some conviction to the breakdown. However, overall volume remains relatively subdued compared with the significant buying activity seen during August's sharp rally, suggesting selling pressure has yet to reach those earlier extremes. Momentum Turns Sharply Bearish RSI has fallen below 50 for the first time since June 26 and is now approaching oversold territory around 28. Meanwhile, StochRSI is extremely oversold, reflecting the strength of the recent decline. Although a short-term reaction is possible, neither indicator currently confirms a bullish reversal. August Breakout Origin Comes Into Focus The next important support sits around 0.02944 BTC, marking the low immediately before August's explosive daily rally. A return to this level would effectively unwind that entire advance, while failure to attract buyers could signal a more significant deterioration in Ethereum's relative performance. In Summary Ethereum has broken below several important support levels against Bitcoin following a potential double top and a series of lower highs. The bearish 21/8-day EMA crossover, increasing selling volume and sharply weakening momentum reinforce the deteriorating structure. Attention now turns towards the August breakout origin around 0.02944 BTC, while bulls would need to reclaim 0.03171 to begin repairing the damage. Until then, the technical picture continues to favour Bitcoin over Ethereum.