{"id":52017,"date":"2024-11-17T01:32:00","date_gmt":"2024-11-17T01:32:00","guid":{"rendered":"https:\/\/cointelegraph.com\/news\/ethereum-dying-slow-death-eth-breaks-8-year-trend-bitcoin"},"modified":"2024-11-17T08:47:11","modified_gmt":"2024-11-17T08:47:11","slug":"ethereum-dying-a-slow-death-as-eth-breaks-8-year-trend-vs-bitcoin","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=52017","title":{"rendered":"Ethereum 'dying a slow death' as ETH breaks 8-year trend vs. Bitcoin\u00a0"},"content":{"rendered":"

Ethereum\u2019s native token, Ether (ETH), recently slipped below its longest-serving support level against Bitcoin (BTC), leading top analysts to conclude that it is \u201cdying a slow death.\u201d<\/p>\n

Ether breaks support that once prompted a 1,800% rebound<\/h2>\n

Notably, the ETH\/BTC pair broke below the ascending trendline support that has coincided with its market bottoms since 2016.<\/p>\n

That includes the pair\u2019s 300% rebound between December 2020 and December 2021 and a 1,800% recovery between January 2017 and May 2017.<\/p>\n

\"\"
ETH\/BTC 6-week performance chart. Source: TradingView<\/em><\/p>\n<\/figcaption><\/figure>\n

However, in November 2024, Ethereum bulls could not defend the support, with ETH\/BTC dropping by around 15% below it, accompanied by a rise in trading volumes.<\/p>\n

In technical analysis, losing a support level\u2014especially amid increasing trading activity\u2014indicates strong selling pressure, meaning ETH\/BTC may decline further in the coming weeks.<\/p>\n

\u201cEthereum is dying a slow death,\u201d commented Tuur Demeester, founder of Bitcoin hedge fund Adamant Capital.<\/p>\n

\"\"
Source: X.com\/@TuurDemeester<\/em><\/p>\n<\/figcaption><\/figure>\n

In 2024, in particular, ETH\/BTC has underperformed largely due to the launch of spot Bitcoin exchange-traded funds (ETF) in the United States and the underperformance of its own spot Ethereum ETF.<\/p>\n

This, combined with Bitcoin\u2019s fourth halving in April, increased BTC\u2019s appeal among retail and institutional investors, resulting in a capital shift away from Ethereum and into Bitcoin.<\/p>\n

Ether also suffered due to the growing adoption of its top smart contracts rival, Solana (SOL). SOL\/ETH, for instance, has surged by over 925% since December 2022.<\/p>\n

\"\"
SOL\/ETH weekly price chart. Source: TradingView<\/em><\/p>\n<\/figcaption><\/figure>\n

Ethereum also missed key headlines during the Donald Trump election campaign, wherein he flirted with the idea of making Bitcoin a strategic reserve asset in the US, ignoring Ethereum.<\/p>\n

These factors have resulted in strong declines in Ethereum\u2019s crypto market dominance (ETH.D), now at its lowest since April 2021.<\/p>\n

\"\"
ETH.D weekly performance chart. Source: TradingView<\/em><\/p>\n<\/figcaption><\/figure>\n

ETH price could drop another 50%<\/h2>\n

Chart technicals show ETH\/BTC entering the breakdown stage of its prevailing inverse cup-and-handle (IC&H) pattern.<\/p>\n

Related: <\/strong><\/em>Trump trade over? Bitcoin, Ethereum ETFs see first outflow since election<\/strong><\/em><\/p>\n

The pattern is confirmed by a rounded top that signals the loss of momentum in an uptrend, followed by a smaller upward consolidation, representing a temporary pause or consolidation before resuming a downward move.<\/p>\n

\"\"
ETH\/BTC weekly price chart. Source: TradingView<\/em><\/p>\n<\/figcaption><\/figure>\n

An IC&H pattern resolves after the price breaks below their common neckline support and drops by as much as the distance between the cup\u2019s peak and neckline.<\/p>\n

Applying this breakdown scenario in ETH\/BTC\u2019s case brings the downside target for 2024 to 0.017 BTC, a key support level from the August 2019-January 2020 period. That is down 50% from today\u2019s prices.<\/p>\n

Conversely, a strong rebound from the current support level of around 0.0317 BTC\u2014coinciding with the 0.786 Fib line\u2014could invalidate the IC&H pattern, sending the pair toward 0.043 BTC next by 2024\u2019s end.<\/p>\n

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.<\/p>\n

Check other news for today<\/span> and Please stand by..<\/p>\n

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Ethereum\u2019s native token, Ether (ETH), recently slipped below its longest-serving support level against Bitcoin (BTC), leading top analysts to conclude that it is \u201cdying a slow death.\u201d Ether breaks support that once prompted a 1,800% … Ethereum 'dying a slow death' as ETH breaks 8-year trend vs. Bitcoin\u00a0<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":52021,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5651],"tags":[139,3812,5652,10,159,97],"class_list":["post-52017","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptonews","tag-bitcoin","tag-cryptonews","tag-emilynews","tag-hyip","tag-hyipnews","tag-hyips","exalt-entry"],"yoast_head":"\nEthereum 'dying a slow death' as ETH breaks 8-year trend vs. Bitcoin\u00a0 - EmilyNews<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/emilynews.com\/blog\/?p=52017\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ethereum 'dying a slow death' as ETH breaks 8-year trend vs. Bitcoin\u00a0 - 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