According to Cointelegraph, Ether (ETH) has performed poorly compared to Bitcoin (BTC), hitting a three-and-a-half-year low on September 18. Analysts believe that ETH will find it difficult to hit a new high by the end of 2024, while BTC is expected to break its historical high in the fourth quarter of this year.
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The chief investment officer of Bitwise Asset Management said ETH could be a "potential contrarian bet" before the end of the year. The ETH/BTC weekly chart shows a symmetrical triangle pattern, indicating hesitation on both the long and short sides. If the price breaks through the support or resistance line, it may trigger a new round of trend.
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The daily chart of ETH/BTC shows that the pair is in a descending channel, but the positive divergence on the RSI and the flattening of the 20-day exponential moving average suggest that the selling pressure may weaken. If the price breaks above the 50-day simple moving average, it may indicate a trend change.