ETH/BTC Hits 44-Month Low
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.