Ethereum Falls to 42-Month Low Against Bitcoin

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HappyCoinNews2024/10/26 13:33

By:HappyCoinNews

Ethereum (ETH) continues to fall in value against Bitcoin. The ETH/BTC pair is currently trading at 0,0365 BTC, the lowest since April 2021.

Ethereum Falls to 42-Month Low Against Bitcoin image 0

ETH/BTC Daily Chart

In 2024, traders' interest in Ethereum has noticeably declined amid the launch of cryptocurrency-based exchange-traded funds and growing competition from Solana . These factors could further reduce the value of the ETH/BTC trading pair. Technical indicators also point to this possibility, predicting a further 15% drop in the price of Ether against Bitcoin.

Ethereum Falls to 42-Month Low Against Bitcoin image 1

ETH/BTC Weekly Chart

It all started with an uptrend that peaked and then formed a rounded top resembling an inverted U-shaped “cup.” The ETH/BTC pair is currently in the breakout stage, targeting a decline to 0,0319 BTC, more than 15% below the current price.

However, some analysts believe that Ethereum may rebound by 25%-50%. According to them, the asset may enter a new bullish cycle against Bitcoin after falling to the target of the cup and handle pattern. Thus, professional trader Axel Kibar expects the ETH/BTC pair to first fall to 0,029 BTC, and then may reach the level of 0,0482 BTC.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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