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Ethereum fails to break out vs. Bitcoin as Treasury yields soar — Will ETH relief rally?

The ETH/BTC pair remains pinned below a key resistance level as the macro landscape worsens.
Ether (ETH), the native cryptocurrency of Ethereum, has failed to break out once more against Bitcoin (BTC) with BTC/USD rallying by more than 8% on March 18.There are two likely reasons why the ETH/BTC pair is failing to break through an important resistance level.First, BTC rallied strongly in a short squeeze after the majority of the market was short throughout the past few days, outperforming most alternative cryptocurrencies.Second, the overall macro landscape for the risk-on market is degrading due to the surging 10-year U.S. Treasury yield, which has just hit a 14-month high of 1.75%. This could place more selling pressure on altcoins that have overall lower volume and liquidity than BTC.ETH rejected at key level despite bullish on-chain metricsAccording to the pseudonymous trader known as “Trader XO,” ETH rejected at a key level on the ETH/BTC chart.The trader emphasized that ETH has to remain above the low support area at 0.029 BTC for the bullish short-term market structure to remain intact.ETH/BTC pair with key levels. Source: TraderXO, TradingView.comIf ETH recovers from the range lows at around $1,720 on the ETH/USD pair, then it would have a higher probability of seeing a continuation of the rally. He said:”$ETH – Rejected off the mid as anticipated. Ideally want to see the lows hold here. Wouldn’t mind a deviation of the lows either tbh – would give …
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