The price of Ethereum continues to struggle against Bitcoin, with the ETH/BTC trading pair marking a 30% decline. Experts have expressed discontent with the underperformance, including one popular crypto analyst Michaël van de Poppe refering to it as “the most disgusting chart I’ve seen in a while.”
Analyst Weigh In on ETH/BTC Pair’s Downtrend
ETH/BTC trading pair shows a consistently bearish trend as Ethereum gets weaker against Bitcoin. The chart of the ETH/ BTC pair shows an extended bearish move with critical support at the 0.03883 level. However, analyst observe that any possible recovery of Ethereum will require it to emerge from the key area of resistance at 0.05151.
Source: X
“The ETH/BTC pair struggles to find momentum, facing rejections at crucial levels,” said van de Poppe on social media platform X. At the same time, large selling pressure from trading firms like Jump Trading also exerts downward pressure on Ethereum.
Slight Recovery Fails to Signal Imminent Trend Reversal
A slight upward movement in Ethereum’s price in the past week still falls to signify a reversal trend. On the same note, ETH/ BTC pair went up by $0.041 last week and then fell to $0.03876, a decline of almost 4.4% within the last 7 days. However, this minor oscillation has not changed the overall bearish outlook on the pair, and it is still a bear market.
As per insight from Coingecko, Ethereum to Bitcoin trading volume was significant at BTC 268,761,76 in the last 24 hours showing that the selling pressure has remained intact.
Over the last 7 days, the daily ETH/BTC exchange rate has oscillated with a maximum of 0.041 BTC and a minimum of 0.03875. The trading pair price suffered a 3.2% downturn on October 1, highlighting Ethereum’s vulnerability to market shifts.
From September 2022, Ethereum suffered a 26% dip against Bitcoin and then another 34% dip in the following year. Whereas Bitcoin has risen 240% from September 2022 and set new records, Ethereum has increased only by 104%. There is visible evidence of Ethereum failing to grow at the same rate as Bitcoin.
Coinmarketcap stats show a price increase on Ethereum chart today with a price of $2,355.43. The price has surged by $1.20% in the last 24 hours. Bitcoin is also trading in the green zone with a price increase of 1.08% at a price of $60,831.40. The absence of a strong bullish push keeps the trend bearish in the higher time frames.
