Summary: Ethereum (ETH) has lost support against Bitcoin (BTC) as BTC rallies towards its $100,000 target. ETH has faced resistance at $3,500 for months and has slipped to a three-year low against BTC. This decline can be attributed to factors such as lack of interest from institutional investors, declining interest from retail investors, and attention shifting to Layer 2 and Layer 3 scaling projects. The performance of ETH ETFs has been weak compared to Bitcoin ETFs, with negative flows for ETH and billions of dollars flowing into BTC. Some experts believe Ethereum may be "dying a slow death" due to market dynamics and the slowdown in institutional adoption. Additionally, Ethereum faces competition from Solana (SOL), which has surpassed ETH in transaction volume and market capitalization. However, there are bullish signs for Ethereum, including increased open interest in futures and positive on-chain metrics. The altcoin also has a positive correlation with Bitcoin, suggesting its price could be impacted by BTC's performance. While Ethereum faces challenges with resistance and scalability issues, maintaining its current upward momentum could lead to gains and a breach of the $4,000 level in the short term.



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