Ether (ETH) has been struggling against Bitcoin (BTC) for months, reaching a three-and-a-half-year low against the top cryptocurrency in mid-September. With ETH lagging far behind Bitcoin, investors are left wondering: could this be the bottom, or will Ether continue to underperform?
Ether’s Struggles Against Bitcoin
As of September 18, Ether hit a significant low against Bitcoin, a level not seen since 2021. While Bitcoin remains range-bound, some analysts are expecting it to break out and hit new all-time highs later this year. However, the same level of optimism hasn’t extended to Ether, with prediction markets giving an 85% chance that ETH won’t reach a new all-time high in 2024.
Despite the pessimism, Bitwise Asset Management’s CIO recently highlighted Ether as a potential "contrarian bet" through the end of the year. This raises the question: could Ether surprise the market and stage a strong comeback?
ETH/BTC Weekly Price Analysis
A look at the ETH/BTC chart reveals that the pair is forming a symmetrical triangle—a pattern often signaling a moment of indecision between bulls and bears. The bulls are defending the lower support line, while the bears are pushing back from the resistance line. As it stands, both moving averages are sloping down, and the relative strength index (RSI) is hovering near oversold territory, signaling that bears are in control for now.
However, the situation could change if the pair rebounds off the support line and breaks above the moving averages. If that happens, Ether might stay inside the triangle for a while longer, waiting for a breakout either above or below. A bullish breakout from the triangle could see the ETH/BTC pair soar to a target of 0.18 BTC—an all-time high.
Will Ether Reverse Its Course?
While Ether has been underperforming, technical indicators show that it may be nearing a pivotal moment. A bullish breakout from the symmetrical triangle could lead to significant gains for ETH against BTC. Though the odds seem stacked against it right now, Ether still has the potential to surprise the market, particularly if Bitcoin starts its expected rally in the coming months.
For now, cautious investors will be watching the ETH/BTC pair closely, looking for signs of a turnaround. The question remains: will Ether finally make its move and outperform Bitcoin, or will the gap between the two continue to widen?
Time will tell.
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