Ether (ETH) is showing signs of exhausting its downtrend against Bitcoin (BTC), according to the MACD indicator.

A trend line starting from the 2016-2017 lows caps the ETH/BTC decline since January, reminiscent of the 2019-2020 accumulation zone.

However, traders do not expect Ether to outperform Bitcoin in the coming months. Options on ETH are trading at a smaller premium compared to BTC, indicating higher optimism for Bitcoin.

Demand for spot Ether ETFs, which debuted in the US, is estimated to be lower than for Bitcoin ETFs, which is also affecting activity on the Ethereum network.