The Ethereum to Bitcoin exchange rate has formed a head and shoulders bottom pattern, breaking through the support-resistance swap position that has been maintained for a month (approximately 0.0357). At the same time, it has broken down from the descending channel line, indicating that the bearish energy of the exchange rate is likely exhausted. Ethereum against Bitcoin is very likely to experience a rebound; it may not start immediately, but currently, buying Ethereum is more advantageous than buying Bitcoin.

From a candlestick perspective, Ethereum has completed the squeeze at the top of the range, and this time it is very likely a true breakout. Additionally, when the main force is clearing leverage, Bitcoin's spike is relatively deep (from the SMC perspective, it has spiked to the 4-hour OB, which is the cost price of this rising segment), while Ethereum has not experienced particularly large fluctuations, not even breaking the narrow range at the top of the interval. Testing the upper range (approximately 4000) upwards is also entirely possible; from the liquidation data, the number of Ethereum short positions liquidated is greater than that of long positions, while Bitcoin primarily has liquidated long positions, and the long-short ratio has dropped from about four to one yesterday to 2.91. This is also a reference-worthy data point.

Regarding the Ethereum to Bitcoin exchange rate, it often makes subtle moves during significant market fluctuations. At this time, breaking through key resistance is noteworthy; at the same time, from the perspective of the exchange rate, it is also a major support area, representing a left-side long position in terms of the exchange rate (note that this is not in terms of Ethereum's price, so be careful to distinguish between the exchange rate and Ethereum's price).

Bitcoin's market share has also dropped, now squeezing at around 59%. As long as it falls below 58%, the altcoin season will truly arrive, and at that time, various altcoins will take turns to rise. Positioning in some altcoins with relatively good-looking trends is also an opportunity.