{"id":62826,"date":"2023-10-14T21:05:28","date_gmt":"2023-10-14T21:05:28","guid":{"rendered":"https:\/\/egrowonline.com\/?p=62826"},"modified":"2023-10-14T21:05:28","modified_gmt":"2023-10-14T21:05:28","slug":"ethereum-losing-streak-vs-bitcoin-hits-15-months-can-eth-price-reverse-course","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=62826","title":{"rendered":"Ethereum losing streak vs. Bitcoin hits 15 months \u2014 Can ETH price reverse course?"},"content":{"rendered":"


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The price of Ethereum’s native token, Ether (ETH<\/a>), is trading around a 15-month low versus Bitcoin (BTC<\/a>), and the lowest since Ethereum\u00a0switched to proof-of-stake (PoS)<\/a>.<\/p>\n

Will it continue to weaken for the remainder of 2023? Let’s take a closer look at the charts.\u00a0<\/p>\n

Ethereum price breaks below critical support vs. Bitcoin<\/h2>\n

The ETH\/BTC pair dropped to as low as 0.056 BTC earlier this week. In doing so, the pair broke below its 200-week exponential moving average (200-week EMA; the blue wave) near 0.058 BTC, raising downside risks further into 2023.<\/p>\n

The 200-week EMA has historically served as a reliable support level for ETH\/BTC bulls. For instance, the pair rebounded 75% three months after testing the wave support in July 2022. Conversely, it dropped over 25% after losing the same support in October 2020.<\/p>\n

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

ETH\/BTC stares at similar selloff risks in 2023 after losing its 200-week EMA as support. In this case, the next downside target looks to be around its 0.5 Fib line near 0.051 BTC in 2023, down about 9.5% from current price levels.<\/p>\n

Conversely, ETH price may rebound toward its 50-week EMA (the red wave) near 0.065 BTC if it reclaims the 200-week EMA as support.<\/p>\n

Bitcoin bull case overshadows Ethereum<\/h2>\n

Ethereum’s persistent weakness versus Bitcoin is reflected in institutional capital flow data.\u00a0<\/p>\n

For instance, as of Oct. 6, Bitcoin-specific investment funds had attracted $246 million year-to-date (YTD), according to CoinShares<\/a>. On the other hand, Ethereum funds have lost capital, witnessing outflows worth $104 million in the same period.<\/p>\n

Net flows into crypto funds (by asset). Source: CoinShares<\/em><\/figcaption><\/figure>\n

The discrepancy is likely due to growing buzz about a potential spot Bitcoin exchange-traded product (ETF) approval<\/a> in the U.S. <\/p>\n

Trade pundits argue<\/a> that a spot Bitcoin ETF launch will attract $600 billion. In addition, Bitcoin’s fourth halving<\/a>\u00a0on April 24, 2024, is also acting as a tailwind versus the altcoin market.<\/p>\n

Related:\u00a0Bitcoin price gets new $25K target as SEC decision day boosts GBTC<\/a><\/em><\/strong><\/p>\n

The halving will reduce the Bitcoin miners’ block reward from 6.25 BTC to 3.125 BTC, a bullish case<\/a> based on historical precedent that cuts new supply in half.\u00a0<\/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.\n<\/p>\n<\/div>\n


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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The price of Ethereum’s native token, Ether (ETH), is trading around a 15-month low versus Bitcoin (BTC), and the lowest since Ethereum\u00a0switched to proof-of-stake (PoS). Will it continue to weaken for the remainder of 2023? Let’s take a closer look at the charts.\u00a0 Ethereum price breaks below critical support vs. Bitcoin The ETH\/BTC pair dropped […]<\/p>\n","protected":false},"author":1,"featured_media":62827,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[37],"tags":[50,181,158,259,1917,121,195,3072,7980],"class_list":["post-62826","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-eth","tag-ethereum","tag-hits","tag-losing","tag-months","tag-price","tag-reverse","tag-streak"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2023\/10\/2c468868-aa1c-4a0b-b9a7-81f003a6bef6.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/62826","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=62826"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/62826\/revisions"}],"predecessor-version":[{"id":62828,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/62826\/revisions\/62828"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/62827"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=62826"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=62826"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=62826"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}