Ether (ETH) is significantly underperforming Bitcoin (BTC). On September 18, the second-largest cryptocurrency by market cap fell to its lowest level since 2021. Is this decline a buying opportunity or will Ether continue to underperform?

Bitcoin has been stuck in a sideways price movement for months, but some analysts expect the price to reach a new high in the fourth quarter. The same is not the case for Ether; Polymarket does not show an 85% probability of Ether reaching a new high in 2024.

Let’s analyze whether Ether can recover against Bitcoin. The weekly chart shows a symmetrical triangle formation, indicating indecision between the bulls and bears. The daily chart shows that it is trading inside the descending channel and the selling pressure is decreasing.

Do you think Ether can recover? Share your thoughts in the comments.