CandleFocus What’s Next for Ethereum as It Hits 42-Month Low Against Bitcoin?
2024-10-24
Author: Content Editor
Ethereum continues to underperform compared to Bitcoin and other top crypto assets, with a drop of 2.38% in the past day. The ETH/BTC chart has been trending downward since June, and Ethereum has fallen 33.5% since reaching a high of $3,800 per coin. This has led to a significant number of liquidations, with over $77 million worth of Ethereum positions liquidated in the past 24 hours. Data suggests that Ethereum may face further downward pressure, with a challenging resistance zone between $2,545 and $2,621. However, there is also speculation of a possible short squeeze, which could lead to a spike in Ethereum's price and the liquidation of over-leveraged short trades.
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