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The ETH/BTC exchange rate has reached its lowest level in 44 months, as shown on the ETH/BTC chart, indicating that in 2024, cryptocurrency investors seem to favour Bitcoin over Ethereum.
The downward trend, shown by the red channel, has driven ETH/BTC down over 30% since the start of the year. Key factors behind this decline include:
→ Approval of a Bitcoin ETF, which has made Bitcoin investments more accessible to a broader audience;
→ Intense competition for Ethereum from other blockchains that support decentralized applications.
Currently, ETH/BTC stands at 0.037, a level last seen in April 2021.
Technical Analysis of ETH/BTC Chart:
→ The price has moved below the red channel, forming a steeper trajectory shown by the purple channel;
→ The 0.03850 level, which had been supporting the price since September, has been breached and may now serve as resistance.
According to Bloomberg, options market analysis suggests investors expect Bitcoin to reach $80,000 regardless of the U.S. presidential election outcome. This has contributed to a series of bearish candles on the chart (indicated by an arrow).
Should Bitcoin inflows increase as elections approach, ETH/BTC may continue its downward trend, moving toward the lower boundary of the purple channel.
FXOpen offers the world's most popular cryptocurrency CFDs*, including Bitcoin and Ethereum. Floating spreads, 1:2 leverage — at your service. Open your trading account now or learn more about crypto CFD trading with FXOpen.
*At FXOpen UK and FXOpen AU, Cryptocurrency CFDs are only available for trading by those clients categorised as Professional clients under FCA Rules and Professional clients under AFSL 412871 – ABN 61 143 678 719 respectively. They are not available for trading by Retail clients.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
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