1/ Is Ethereum$ETH On the way out?
Despite Ethereum's price crossing the $3,000 mark, the ETH/BTC ratio is recording worrying declines 🎱, raising questions about its future compared to Bitcoin 💯.
2/ Breaking a historical support level for the first time since 2016
Ethereum 🐢 broke major support (0.038) against Bitcoin.
This support has been an important source for years, and thanks to it we have seen huge increases (such as 300% in 2020 and 1800% between 2017 and 2018).
Now, ETH/BTC has fallen 15% below this support amid increased trading volumes, indicating strong selling pressure.
3/ Why is Ethereum going down 🤚?
⤵️ There are many reasons behind this decline, including:
Bitcoin dominates the market: With the launch of Bitcoin ETFs, investor interest has shifted towards it, leading to a decline in Ethereum (ETH ETF weakness).
Competition from altcoins 🌐: Such as Solana, which has achieved massive gains of 900% since 2022, and has drawn attention away from Ethereum 📰.
4/ Ethereum’s technical and political challenges 🥷
🐶 Ethereum failed to seize political opportunities: It was not part of the conversation about adopting digital assets like Bitcoin as a strategic reserve in the United States (Trump and Bitcoin).
In terms of technical developments 👛, Ethereum applications face competition from several emerging networks that are faster and less expensive, such as (ARB, CORE).
5/ Technical Analysis: Predictions? 📉
According to technical patterns, the ETH/BTC pair is showing an “inverted cup and handle” pattern, which is a signal of a potential further decline of up to 50%.
If this scenario comes to pass, we could see the ETH/BTC ratio drop to 0.017 BTC, compared to 0.03262 currently.
6/ Is there hope? 🚀
If Ethereum can find support at its current levels, it may go back up. The forecast indicates that it could reach 0.051 BTC if the downtrend is broken 🌉💎.
💎 Let's not forget that Ethereum is still the leader in decentralized applications and smart contracts, which gives it a long-term competitive advantage.
📣 As we mentioned previously, according to Gann squares, the target of the Ethereum cycle is $9200 ATH, but if the Ether continues to decline against Bitcoin, our peak will be $5147, which is what was previously determined as the first target 🔝
7/ Conclusion: The fate of Ethereum is in the hands of investors. The coming months will be decisive for it.
💎 Can Ethereum Regain Market Confidence?
📰 Or will Bitcoin and altcoins like Solana gain more attention?
8/ Your opinion is important🗣
Do you think Ethereum can rise or will Bitcoin's dominance continue?
🎭 Share your thoughts and read others' opinions in the comments.
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