Ethereum Eyes $2,340 as ETH/BTC Struggles at 0.03 Resistance

Ethereum is showing two different but connected signals against Bitcoin and the U.S. dollar. While $ETH/$BTC stays trapped below a key resistance level, $ETH/USD is testing a breakout retest that could decide whether the next push higher begins.

$ETH/$BTC Holds Tight Range as 0.03 Stays Key Resistance

Ethereum has moved almost in step with Bitcoin over the past month, leaving the $ETH/$BTC ratio stuck in a narrow band near 0.029, according to chart data shared by DaanCryptoTrades on X. The one day Binance chart shows $ETH/$BTC trading around 0.02929 on March 6, while price action stayed compressed inside a small sideways box through late February and early March.

$ETH/$BTC Daily Chart. Source: DaanCryptoTrades on X

That range matters because it shows Ethereum has stopped losing ground to Bitcoin for now. However, it also shows $ETH has not started leading again. Instead, both assets have moved in line with each other, which kept the ratio stable after months of broader weakness. The chart highlights 0.03005 as the first nearby resistance, while 0.03259 and 0.04109 remain higher levels to watch if momentum builds.

DaanCryptoTrades said the horizontal levels still matter, and the chart supports that view. $ETH/$BTC has reacted to these zones several times over the past year, both during rallies and declines. Most recently, the pair dropped into the current range and then held there without a decisive breakout in either direction. That pattern suggests traders are waiting for clearer direction before repricing Ethereum against Bitcoin.

For now, 0.03 remains the first line Ethereum must reclaim if it wants to show renewed relative strength. A break above that area could open room for a move toward the next resistance zone near 0.03259. On the other hand, if the ratio slips below the current range, it would signal that Bitcoin is once again outperforming Ethereum in the short term.

As a result, the $ETH/$BTC chart is not showing leadership from Ethereum yet. Instead, it is showing stability, but only inside a tight range that still needs a breakout.

Ethereum Retests Trendline as $2,340 Emerges as Key Wave Target

Ethereum is testing a key trendline after breaking above it earlier, according to chart analysis shared by Man of Bitcoin on X. The one hour $ETH/USD Binance chart shows price returning to the former resistance line, which now acts as potential support.

Ethereum Trendline Retest Analysis. Source: Man of Bitcoin on X

This type of retest often appears after a breakout. In this case, the chart shows Ethereum pushing above a descending trendline that had limited price movement during the previous consolidation phase. After that move, price pulled back and is now approaching the same line from above.

If the level holds, the structure could support a continuation move higher. The chart marks an Elliott Wave setup where the next upward leg would form wave three. Based on that structure, the projected target for wave three appears near the $2,340 zone.

The analysis also highlights additional resistance levels above the trendline area. Fibonacci extensions show potential zones near $2,282, $2,340, and $2,439. These levels align with the projected upward path marked on the chart, suggesting areas where price may encounter selling pressure if the trend continues.

However, the setup depends on the trendline holding as support. If price stays above that structure, the chart maintains the possibility of a continuation pattern. The analysis therefore focuses on whether Ethereum can defend that level during the retest phase.

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