Ethereum Falls to New 42-Month Low Along with Bitcoin – Bottom or More Pain Ahead?
Ether's price continues to struggle, especially with Bitcoin, the world's second-largest cryptocurrency, threatening a fall even more.
With Bitcoin (BTC) dominance up to 58%, could this be a local low for Ether (ETH) price or will it continue to lose market share to BTC?
ETH/BTC hit a new 42-month low
Ether's price has hit a three-and-a-half-year low, last seen in 2021, along with bitcoin.
This could threaten further negative pressure for Ether, according to Alex Thorne, Head of Galaxy Research, who wrote in a September 15 X post.
“ETH/BTC trades at 0.03 handle for first time in 3.5 years (April 2021). -53% since September 2022 merger. What will stop this train?”
BTC/USD trending lower. Source: Alex Thorn
Others believe that ether may be set for a downward trend. Famous investor and mathematician Fred Kruger has said that ETH is on the “tipping point” against Bitcoin.
Krueger added that all exchange-traded funds (ETFs) are “not created equal,” sharing the image below about the Bitcoin and Ether ETF in a September 16 X post.
Source: Fred Kruger
Ether's EFF flow could be the reason behind Ether's slow price action. In the year On February 15, ETFs accounted for about 75% of new investment in Bitcoin, which was over $50,000.
Since launch, US Ether ETFs have seen net negative inflows of $581 million. Data from Farside Investors shows that the grayscale Ether ETF accounts for the majority, or $2.7 billion, in expenses.
Ethereum ETF flow (USD, million). Source: Farside Investors
Related: Analysts Eye $92K BTC As Bitcoin Set For 3-Month Historic Rally
Is the ether below?
Ether's correction in Bitcoin could be the start of a price recovery, based on historical chart patterns, wrote crypto trader Lion in a September 16 X post:
“ETH/BTC dropping to fib 0.382 at 0.03845 BTC. This must be the bottom.”
ETH/BTC, 3-day chart, breakout. Source: Lion
Others expect a potential rally, including popular crypto investor Hedgex, which has pointed to a historically low relative strength index for ETH/BTC. In a September 16 X post, the analyst wrote:
“ETH/BTC This has only sold 5 times in Ethereum history. Each time it has followed a much higher.”
ETH/BTC, all time chart. Source: Hedgex
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
