ETH/BTC - Respecting the 200 Ethereum / BitcoinBINANCE:ETHBTCVIAQUANTETH/BTC is building phenomenal market structure, which could mean ETH is almost ready to start gaining strength against Bitcoin again. The 200 SMA First, note how ETH/BTC has acted around the 200 SMA (blue). I have outlined with black arrows every time the ratio has been below or above this key moving average. There was only one daily close below the 200 SMA (on August 4th, 2026) and the ratio recovered immediately, which made that close a false breakdown. While the ratio was testing this moving average, I outlined that the 200 would likely be the launching point for ETH to start gaining against BTC: Shortly after that post, the ratio rose 10%, meaning ETH gained 10% more than Bitcoin after the retest. Now ETH/BTC is retesting this moving average once again, and every daily candle body has continued to close above it, respecting it as support. The Triangle Target That is not the only reason ETH/BTC could be forming a bottom here. The technical breakdown move from its triangle is also complete, which you can see in more detail in this idea: The New Demand Region Another supporting argument is that price is revisiting the “New Demand Region.” Here is the idea that laid out that structure: Here is how the chart currently looks. As you can see, price is also respecting the lower boundary of the New Demand Region as candle body support: The last piece to this puzzle would be the RSI. If the daily timeframe can break back into the channel and start bouncing from oversold conditions then that should give ETH the momentum to once again start outperforming BTC.