CandleFocus Ethereum Drops to 3-Year Low Against Bitcoin as Analyst Eyes 0.035 BTC Support
2024-10-25
Author: Content Editor
The exchange rate of Ethereum (ETH) against Bitcoin (BTC) has dropped to a 3-year low, reaching its lowest level since April 2021. The ETH/BTC rate has experienced a 30% decline since July 1, indicating a significant downturn for Ethereum compared to Bitcoin. Analyst Michaël van de Poppe suggests a potential support zone at 0.035 BTC, where buying interest could emerge. There is a smaller support zone at 0.038 BTC before Ethereum tests its primary support area. The Relative Strength Index (RSI) is in the oversold zone, signaling the possibility of a price reversal or bounce, but this would require renewed strength from Ethereum bulls. Some analysts see the ongoing decline as an opportunity, while others attribute it to shifts in economic activity within the blockchain ecosystem and the rising prominence of Ethereum's Layer 2 solutions. Meanwhile, competing asset Solana has been performing well, potentially drawing investors away from Ethereum.
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