While the price of Bitcoin (BTC) is dramatically updating historic high after high, just as dramatically, the price of Ethereum (ETH), the leading altcoin on the crypto market, is flying in an open peak downward against the major cryptocurrency. Since the beginning of the year, the price of ETH has lost 46.99% to the price of BTC from the high of the year and, as a result, has reached 0.03187 BTC per Ethereum, unseen since March 2021 - that is, for almost four years.
Of course, the discussions about the terrible performance of Ether, or rather the merciless mockery of it, an asset believed to be able to flip Bitcoin, is one of the most active.
Thus, the situation on the Ethereum/Bitcoin chart attracted the attention of Peter Brandt, an expert trader operating on the financial markets since the 1970s, who expressed his reaction to it in an unusual way. In his outlook, he described the situation with a question: “A letter from the grave????” Sounds ominous.
As can be inferred based on the chart attached by Brandt to the post, the trader is confused by the fact that the price of ETH has approached a crucial level of dynamic support originating back in 2017.
A letter from the grave???? $ETHBTC pic.twitter.com/FALauZ8M7R
— Peter Brandt (@PeterLBrandt) November 21, 2024
This is either the moment among the last seven years for the major altcoin to prove haters wrong or kill what was once a nearly 559 billion dollar asset, and that is not counting the roughly $120 billion ecosystem. More to the point, Ethereum is still an asset of at least $376.57 billion, according to CoinMarketCap data, and $34.77 billion in daily volume.
Is Solana able to dethrone Ethereum?
Even though the sentiment around the main altcoin is now at about the same lows as its price, it is still one of the flagships of the market and cannot not be discussed - especially by traders and investors who are sucked in by the negative PnL in Ethereum ecosystem tokens and are tired of watching more Solana enthusiasts making thousands of percent on various kinds of “animals,” (meme coins) and not only those.
Ethereum (ETH) and Solana (SOL) in 2024 by CoinMarketCap
The SOL token itself is going for an all-time high upgrade right now with great fanfare.
The question posed by Brandt, while theatrical, does seem to be an extremely important point for the Ethereum-Bitcoin relationship. The crypto market is getting to the point where it may lock ETH in a box for a long time and let someone else take its crypto market share.
