ETHBTC Channel Down but how long before it takes off?

The ETHBTC pair is trading within a Channel Down pattern on the 1W time-frame, with the 1W MA50 (blue trend-line) its key Resistance basically since the March 2023 sell-off. What's new though is that after this week's bearishness, it is approaching the 1W MA200 fast.

This coincides with the ETH's previous Bear Cycle bottom. That could be the test level before the price rebounds and really takes off breaking finally above that Channel Down. The current trend is bearish but you wouldn't want to bet on it too long.

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