ETH/BTC price breakout of 8-year support threatens Ethereum’s future in the current bullish cycle. Technical indicators suggest a potential 50% decline in its value.
Ethereum underperforms Solana: In 24 hours, ETH is down 1.15%, while SOL is up 1.38%. Over the week, ETH is down 1.91%, while SOL is up 8.47%. ETH trading volume is down 16.5%, at just $25 billion.
Worrying technical analysis: An inverted cup and handle pattern is forming on the ETH/BTC chart, indicating a potential downtrend. If the pattern is completed, the price could drop to 0.017 BTC, or $1,561, by 2025.
Continued decline in dominance: Since December 2022, the SOL/ETH pair has risen by 925%, reflecting the decline of Ethereum’s influence in the DeFi sector.
Conclusion#
Ethereum is facing strong technical challenges and needs to break the bearish momentum currently controlling its movements to return to the upward path.
