Originally published on: September 16, 2024
Ethereum’s struggle against Bitcoin continues as it falls to a 42-month low in comparison to the leading cryptocurrency. The question remains: is this the bottom for Ether’s price, or should investors brace for more losses against BTC dominance, which is currently up to 58%?
According to Alex Thorn, head of research at Galaxy, the recent downturn in Ether’s price could lead to further downside pressure. Additionally, popular investor Fred Krueger believes that ETH is on the verge of collapse against Bitcoin, indicating a potential downtrend in the near future.
The sluggish price action of Ether could be attributed to ETF outflows, with United States Ether ETFs experiencing a negative net outflow of $581 million. Grayscale’s Ether ETF, in particular, recorded $2.7 billion worth of outflows, contributing to the downward pressure on Ether’s price.
Despite the current correction, historical chart patterns suggest that Ether could be approaching a price bottom before a potential recovery. Crypto trader Anbessa sees signs of a breakout in the ETH/BTC chart, while investor Hedgex points out a historically low relative strength index for Ether against Bitcoin, hinting at a possible rally in the near future.
While these analyses offer insights into potential market movements, it’s essential to remember that all investment and trading decisions involve risk. It’s advisable for readers to conduct their own research before making any financial decisions.
