Ethereum’s native token Ether (ETH) has grown stronger against its rival for the top position — Bitcoin (BTC) — despite an ongoing crypto market rout. But can the ETH/BTC pair continue to rally in the coming months? Let’s look at the charts.

Ethereum pares YTD losses vs. Bitcoin 

ETH/BTC gained 5.5% between the May 9 low of 0.0720 and the May 10 high of 0.0759. ETH also rebounded by almost 9.75% against the U.S. dollar, and Bitcoin underwent a similar upside retracement in the same period.

The gains across the pairs appeared after a brutal selloff witnessed across the past 24 hours. The drop sent Ether to its worst levels since January 2022 and Bitcoin below $30,00 for the first time since July 2021.

The situation was similar in the traditional markets, with the U.S. benchmark index, S&P 500 (SPX), slumping 3.2% to its lowest level in 2022.

On the other hand, the dollar reached its two-decade high, reinstating its “safe-haven” status in times of market turmoil. Moreover, the cryptocurrency equivalent USD-pegged stablecoins witnessed a similar surge in demand.

$USDT Exchange Outflow Volume (7d MA) just reached a 3-month high of 34,010,868.697 USDT

View metric:https://t.co/D90kNIpU2J pic.twitter.com/Xzb5DEXaqs

— glassnode alerts (@glassnodealerts) May 10, 2022

ETH price technicals hint at breakout

ETH/BTC’s gains brought its close to testing its multi-month horizontal trendline as resistance, which appears to constitute an “ascending triangle” pattern.

Ascending triangles are typically trend continuation patterns, meaning…