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.
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.
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.
