Ethereum has its own token, Ether
ETH Price it recently broke below its longest-standing support level, leading market analysts to conclude that “slow death” wait for it – Bitcoin
BTC Price on the other hand, it keeps going up.
The ETH/BTC trading pair, which has been around since 2016, has fallen below one of the most significant support levels.
This includes the pair’s 300% rally between December 2020 and December 2021 and 1,800% between January 2017 and May 2017.
ETH/BTC broke 8-year trend
However, in November 2024, even the most determined supporters of Ethereum could not defend the support level, so ETH/BTC moderated by about 15%, accompanied by an increase in trading volume.
From a technical analysis perspective, the loss of a support level, especially amid increasing trading activity, indicates strong selling pressure, which means that ETH/BTC could continue to decline in the coming weeks.
“Ethereum Will Die a Slow Death”Tuur Demeester, founder of Bitcoin hedge fund Adamant Capital, commented on the situation.
Ethereum is dying a slow death. The company broke rule number one: don’t lie to your customers. https://t.co/2A5VuTjjec
— Tuur Demeester (@TuurDemeester) November 15, 2024
The trading pair has performed particularly poorly this year, largely due to spot Bitcoin exchange-traded funds (ETFs). his debut due to the US and the fact that its own spot Ethereum ETF has been very active.
This and the one in April BTC halving increased the appeal of the flagship crypto among retail and institutional investors, resulting in capital movement from Ethereum to Bitcoin.
ETH’s main rival in smart contracts is Solana
SOL Price also suffered quite a lot in 2024 due to its growing acceptance. SOL/ETH, for example, is up more than 925% since December 2022.
Ethereum also took a back seat during Donald Trump’s election campaign – when he flirted with the idea of Bitcoin becoming a strategic reserve asset in the US, he completely ignored Ethereum.
These factors have resulted in a sharp decline in Ethereum’s (ETH.D) crypto market dominance, which was last seen this low in April 2021.
Ethereum’s prospects are not very bright and if we are to believe the experts of the sector, the black soup is just coming. The question remains: Can BTC destroy ETH once and for all?
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<p>The post Can Ethereum pull back the curtain, will Bitcoin be trampled for good? first appeared on CoinBuzzFeed.</p>
