Ethereum is at its weakest level against Bitcoin since early 2021 as the ETH\/BTC ratio continues to break down.<\/p>\n
The ratio is a measure of the price of ETH in Bitcoin terms, not in US dollars. Despite falling 21% from its all-time high, Bitcoin has remained<\/a> robust, whereas Ethereum remains down 53% from its peak in 2021.<\/p>\n In a post on X on Sept. 16, ITC Crypto founder Benjamin Cowed predicted that the ETH\/BTC ratio will \u201clikely bottom between 0.03-0.04 and then trend up in 2025.\u201d<\/p>\n It\u2019s almost over.<\/p>\n I think #ETH<\/a> \/ #BTC<\/a> will likely bottom between 0.03-0.04 and then trend up in 2025.<\/p>\n It could bottom as early as this week or as late as December<\/p>\n Based on prior capitulations, I think it will happen sooner rather than later<\/p>\n Will make a video about it tomorrow https:\/\/t.co\/rwqj5u4n8A<\/a> pic.twitter.com\/lc7iMruoqf<\/a><\/p>\n \u2014 Benjamin Cowen (@intocryptoverse) September 16, 2024<\/a><\/p>\n\n He added that it could bottom as early as this week or as late as December, but \u201cbased on prior capitulations, I think it will happen sooner rather than later.\u201d<\/p>\n Head of research at Galaxy, Alex Thorn, also observed the disintegration of Ethereum prices, reporting that ETH\/BTC just traded on a 0.03 handle for the first time in three and a half years.<\/p>\n ETHBTC just traded on a 0.03 handle for the first time in 3.5 years (apr 2021)<\/p>\n -53% since the merge in sep 2022<\/p>\n what stops this train? pic.twitter.com\/Olj6SGEiVe<\/a><\/p>\n \u2014 Alex Thorn (@intangiblecoins) September 15, 2024<\/a><\/p>\n\n Meanwhile, analyst \u2018Master Kenobi\u2019 said<\/a> that these patterns were cyclical. The ETH\/BTC pair historically declined after a Bitcoin halving, with trend reversals occurring 168-224 days following the event in previous cycles.\u00a0He added that a reversal is expected soon as it is currently around 150 days after the halving.<\/p>\n \u201cFundamentally, nothing has changed for Ethereum in a negative way,\u201d he said before adding:<\/p>\n \u201cThe current movement is artificially driven by a lot of FUD in the market, and the reality is that they want you to sell your ETH at a low price. The underlying strength of Ethereum remains intact, and this downward pressure appears to be a tactic to shake out weak hands.\u201d<\/p>\n On Sept. 16, Galaxy Trading observed<\/a> that markets are now seeing the lowest sentiment for Ethereum since 2017 before adding:<\/p>\n \u201cIn my opinion, people are in such disbelief that they forget how quickly ETH can surge once it starts moving.\u201d<\/p>\n \u201cRight now, ETH is approaching its biggest support line since its inception,\u201d they said before adding, \u201cThis isn\u2019t the time to be bearish.\u201d<\/p>\n Half of my feed is ETH FUD at this point.<\/p>\n \u2014 antiprosynthesis.eth \u27e0 (@antiprosynth) September 15, 2024<\/a><\/p>\n\n On Sept. 16, industry observer Colin Wu reported<\/a> that an \u201cancient whale\u201d who received 16,636 ETH from ShapeShift at $5.23 per coin in February 2016 has now started selling.<\/p>\n This has added to the negative sentiment sending ETH plunging 6% on the day, dumping the asset to an intraday low of $2,260 during Monday morning trading in Asia.<\/p>\n Ethereum has been trading at its lowest level since January, but there is solid support here, which may remain until the overall market sentiment<\/a> improves.<\/p>\n Even renowned analysts were piling on the ETH FUD<\/a>:<\/p>\n $ETH<\/a><\/p>\n How it started How it\u2019s going pic.twitter.com\/PdLawNI2yT<\/a><\/p>\n \u2014 _Checkmate (@_Checkmatey_) September 16, 2024<\/a><\/p>\n\n The post Whale Selling Pushes ETH\/BTC to 3.5 Year Low, Where Next for Ethereum?\u00a0<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Ethereum is at its weakest level against Bitcoin since early 2021 as the ETH\/BTC ratio continues to break down. The ratio is a measure of the price of ETH in Bitcoin terms, not in US dollars. Despite falling 21% from its all-time high, Bitcoin has remained robust, whereas Ethereum remains down 53% from its peak […]<\/p>\n","protected":false},"author":0,"featured_media":6984,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-6983","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/6983"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6983"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/6983\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/6984"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6983"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6983"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6983"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Whales Offloading ETH<\/h2>\n
ETH Price Outlook<\/h2>\n