Ethereum (ETH) is close to a crucial point as the market awaits its direction. The price is still below many major price points, but the current trend against Bitcoin could be the beginning of a new era for altcoins.

At the time of writing, Ethereum (ETH) is trading at $1,962. ETH has a trading volume of $15.57 billion in the last 24 hours and a market capitalization of $237.97 billion, according to  CoinMarketCap data. ETH has declined by 1.10% over the last 24 hours as it consolidates after the latest price volatility.

Source: CoinMarketCap

Ethereum Pattern Mirrors 2017 Rally

Crypto analyst JAVON MARKS said on March 7, 2026, that Ethereum might be at a critical juncture in its development in terms of Bitcoin. He said that the ETH/BTC pair has just broken out of a major formation, which might mean that Ethereum is going to have its best run in years.

Source: X

MARKS also pointed out that the current ETH/BTC pattern is similar to that of the prevailing market structure in 2017, when there were impressive gains in altcoins. This pattern might result in a shift in capital from Bitcoin to altcoins.

Mixed Indicators Challenge Ethereum Rally

Despite the bright outlook, the asset is still facing resistance in the short term. The price is sitting just below the 20-day moving average at $1,978, implying that the buyers have not yet taken full control.

Price is still below the other moving averages: the 50-day average at $2,300, the 100-day average at $2,684, and the 200-day average at $3,336.

For the momentum indicators, the Relative Strength Index (RSI) stands at 44.11, which is above its signal line of 41.72 but still below the 50 mark.

Source: TradingView

Moving Average Convergence Divergence (MACD) shows signs of gradual improvement. The MACD line still shows a negative figure of -62.45, but the signal line still shows -94.03. However, the histogram now shows a positive figure of 31.57.

Also Read | Solana (SOL) Could Surge to $94 if Key Trendline Support Holds Strong

Ethereum Eyes Key Resistance Break

Ethereum’s technical configuration suggests a possible stabilization. Nevertheless, a strong move above the resistance levels will be needed to have a clearer trend.

On the other hand, the ETH/BTC breakout, as emphasized by MARKS, continues to draw interest from analysts who see its potential to shape the course of the crypto market’s next phase.

Also Read | Pi Network (PI) Surges 60%: Bullish Momentum Signals Potential $1 Target

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Filed under: Bitcoin - @ March 8, 2026 2:00 am