However, in 2024/11, the Ether bulls were unable to defend their support, and ETH/BTC fell below about 15% with increased trading volume.
In technical analysis, the loss of support levels means strong selling pressure, especially amid increased trading activity, and ETH/BTC may continue to fall in the coming weeks.
#Ethereum is slowly dying, commented Tuurdemeester, founder of #bitcoin hedge fund Adamant Capital,
Especially in 2024, eth/BTC has been largely delayed by the launch of Bitcoin spot exchange-traded funds (ETFs) in the U. S. and the failure of Ethereum's own Ethereum spot #ETF . This, coupled with bitcoin's 4th half in the 4th month, has made BTC more attractive to retail and institutional investors, leading to a shift of capital from Ethereum to bitcoin.
For example, since the beginning of the year, the SOL/ETH ratio is up over 925% from 2022/12.
Ethereum also did not make headlines during Donald Trump's election campaign, when he was misled by the idea of ignoring ethereum and making bitcoin a strategic reserve asset for the United States.
These factors can be attributed to the market-dominating cryptocurrency Ethereum (ETH. D), now at its lowest level since 2021/4.
Technical chart characteristics indicate that ETH/BTC is entering the breakout phase of a common pattern called "inverse cup and hand" (ICandH).
This pattern is used to indicate a loss of momentum in an uptrend, followed by a small upward consolidation, which is a temporary pause or consolidation before resuming the uptrend.
The ICandH pattern will resolve once the price breaks the common support line and falls by an amount equal to the distance between the bowl peak and the neckline.
Applying this breakout scenario to the case of ETH/BTC, the downside target for 2024 is 0.017BTC, which is the major support level from 2019/8 to 2020/1. This is 50% below today's price.
Conversely, a strong bounce from the current support level around 0.0317BTC, coinciding with the 0.
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