{"id":174233,"date":"2023-10-14T20:46:04","date_gmt":"2023-10-14T15:16:04","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=174233"},"modified":"2023-10-14T20:46:04","modified_gmt":"2023-10-14T15:16:04","slug":"ethereum-losing-streak-vs-bitcoin-hits-15-months-can-eth-price-reverse-course-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/ethereum-losing-streak-vs-bitcoin-hits-15-months-can-eth-price-reverse-course-crypto-news\/","title":{"rendered":"Ethereum losing streak vs. Bitcoin hits 15 months \u2014 Can ETH price reverse course? – Crypto News"},"content":{"rendered":"

<\/p>\n

\n

The price of Ethereum’s native token, Ether (ETH<\/a>), is trading around a 15-month low versus Bitcoin (BTC<\/a>), and the lowest since Ethereum\u00a0switched to proof-of-stake (PoS)<\/a>.<\/p>\n

Will it continue to weaken for the remainder of 2023? Let’s take a closer look at the charts.\u00a0<\/p>\n

Ethereum price breaks below critical support vs. Bitcoin<\/h2>\n

The ETH\/BTC pair dropped to as low as 0.056 BTC earlier this week. In doing so, the pair broke below its 200-week exponential moving average (200-week EMA; the blue wave) near 0.058 BTC, raising downside risks further into 2023.<\/p>\n

The 200-week EMA has historically served as a reliable support level for ETH\/BTC bulls. For instance, the pair rebounded 75% three months after testing the wave support in July 2022. Conversely, it dropped over 25% after losing the same support in October 2020.<\/p>\n

ETH\/BTC weekly price chart. Source: TradingView<\/em><\/figcaption><\/figure>\n

ETH\/BTC stares at similar selloff risks in 2023 after losing its 200-week EMA as support. In this case, the next downside target looks to be around its 0.5 Fib line near 0.051 BTC in 2023, down about 9.5% from current price levels.<\/p>\n

Conversely, ETH price may rebound toward its 50-week EMA (the red wave) near 0.065 BTC if it reclaims the 200-week EMA as support.<\/p>\n

Bitcoin bull case overshadows Ethereum<\/h2>\n

Ethereum’s persistent weakness versus Bitcoin is reflected in institutional capital flow data.\u00a0<\/p>\n

For instance, as of Oct. 6, Bitcoin-specific investment funds had attracted $246 million year-to-date (YTD), according to CoinShares<\/a>. On the other hand, Ethereum funds have lost capital, witnessing outflows worth $104 million in the same period.<\/p>\n

Net flows into crypto funds (by asset). Source: CoinShares<\/em><\/figcaption><\/figure>\n

The discrepancy is likely due to growing buzz about a potential spot Bitcoin exchange-traded product (ETF) approval<\/a> in the U.S. <\/p>\n

Trade pundits argue<\/a> that a spot Bitcoin ETF launch will attract $600 billion. In addition, Bitcoin’s fourth halving<\/a>\u00a0on April 24, 2024, is also acting as a tailwind versus the altcoin market.<\/p>\n

Related:\u00a0Bitcoin price gets new $25K target as SEC decision day boosts GBTC<\/a><\/em><\/strong><\/p>\n

The halving will reduce the Bitcoin miners’ block reward from 6.25 BTC to 3.125 BTC, a bullish case<\/a> based on historical precedent that cuts new supply in half.\u00a0<\/p>\n

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.\n<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The price of Ethereum’s native token, Ether (ETH), is trading around a 15-month low versus Bitcoin (BTC), and the lowest since Ethereum\u00a0switched to proof-of-stake (PoS). Will it continue to weaken for the remainder of 2023? Let’s take a closer look at the charts.\u00a0 Ethereum price breaks below critical support vs. Bitcoin The ETH\/BTC pair dropped […]<\/p>\n","protected":false},"author":2,"featured_media":174234,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-174233","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/174233","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=174233"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/174233\/revisions"}],"predecessor-version":[{"id":174236,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/174233\/revisions\/174236"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/174234"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=174233"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=174233"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=174233"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}