STEEM/ETH is facing an interesting relative-strength test. While STEEM has managed to hold above its recent August lows, Ethereum has been showing considerably stronger momentum, recently trading around the $2,500 area.

From a trader's perspective, the key question is simple: can STEEM outperform ETH from here?

🟢 Bullish setup: If STEEM/ETH starts printing higher highs and higher lows, supported by increasing volume, it could signal that buyers are gradually rotating back into STEEM. A breakout above the latest local resistance would strengthen this setup.

🔴 Bearish setup: If the pair continues making lower highs and loses its latest support zone, ETH's current relative strength could keep STEEM under pressure.

⚪ Neutral: A sideways range would suggest that the market is still waiting for a catalyst before choosing a direction.

My take: STEEM/ETH currently looks like a battle of relative strength rather than a simple bullish or bearish setup. ETH is showing strong momentum, so STEEM needs a clear increase in buying pressure to change the balance. I would watch the breakout direction and, above all, volume confirmation before taking the next move seriously.

The interesting part is that STEEM does not necessarily need a massive USD rally to improve against ETH—it simply needs to start outperforming Ethereum. That is the chart I will be watching. 📊

⚠️ This is not financial advice.