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Ether’s (ETH) rally versus Bitcoin (BTC) is not only showing signs of exhaustion, but is also in danger of breaking below a key technical support level. 

ETH slides vs. BTC in second half of January

The ETH/BTC pair declined nearly 9.25% on Jan. 24 from its local top of 0.0779 BTC established on Jan. 11. Since the start of the year, Bitcoin is slightly outpacing Ether in USD terms, rising 38% versus 35%, respectively.

ETH/BTC daily candle price chart. Source: TradingView

Interestingly, Ether’s pullback versus Bitcoin has landed its price at the bottom of its EMA ribbon range, as shown below.

ETH/BTC weekly candle price chart. Source: TradingView

The EMA ribbon indicator shows numerous exponential moving averages of increasing timeframe on the same price chart. Dropping below the ribbon range increases an asset’s likelihood of seeing an extended down-move.

So in other words, breaking lower would increase its possibility of declining by more than 20% from

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