Ethereum ‘slow death’ as ETH breaks 8-year trend vs. Bitcoin
Ethereum (ETH) continues to trend lower against Bitcoin (BTC) after entering a technical correction phase. In November 2024, ETH/BTC fell below key support levels, falling 15% from its previous price, accompanied by a surge in trading volume. This trend suggests that ETH/BTC may face greater downward pressure.
ETH/BTC has bounced off key support levels multiple times in the past, such as the 1,800% gain in 2017 and the 300% gain in 2020. However, Ethereum failed to hold the support level this time, causing the market to be bearish on its prospects. Technical analysis points out that a break below support usually means strong selling pressure, which poses a challenge to ETH’s future performance.
Competitive pressure on Bitcoin and Solana
In 2024, the launch of Bitcoin's spot ETF and the halving effect attracted a large amount of capital inflows, and the attractiveness of Bitcoin increased significantly. The poor performance of Ethereum’s spot ETFs, coupled with the strong rise of Solana (the SOL/ETH pair has risen 925% since 2022), has further squeezed Ethereum’s market position.
According to technical forecasts, ETH/BTC may fall to 0.017 BTC by the end of 2024, a drop of approximately 50% from the current price. However, a strong rebound from the current support level of 0.0317 BTC could reverse the decline and raise the price target to 0.043 BTC.
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**Ethereum is going through a test, but every adjustment is a good opportunity to enter! Seize the opportunity at low prices and seize the market opportunity. You may be the winner in the future!
