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Home » Ethereum hits a fresh 42month low compared to BitcoinWill it bottom out or face further agony
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Ethereum hits a fresh 42month low compared to BitcoinWill it bottom out or face further agony

2024-09-16No Comments2 Mins Read
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Ethereum hits a fresh 42month low compared to BitcoinWill it bottom out or face further agony
Ethereum hits a fresh 42month low compared to BitcoinWill it bottom out or face further agony
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### Ether’s Price Struggles Continue

Ether’s price remains under pressure, especially when compared to Bitcoin, raising concerns about further declines for the second-largest cryptocurrency in the market. With Bitcoin’s dominance climbing to 58%, one must wonder whether this is the lowest point for Ether’s price or if it will continue to lose ground against BTC.

#### ETH/BTC Reaches New 42-Month Lows

The value of Ether relative to Bitcoin has plummeted to a level not seen in three and a half years, last recorded in 2021. This trend poses a risk of additional downward momentum for Ether, as noted by Alex Thorn, the head of research at Galaxy. In a post on X dated September 15, he commented on the situation:



BTC/USD downtrend. Source: Alex Thorn

Others share a similar outlook, suggesting that Ether may be on the verge of a decline. Renowned investor and mathematician Fred Krueger remarked that ETH is teetering on the “edge of collapse” against Bitcoin. He further observed that not all exchange-traded funds (ETFs) are equal, posting the following image regarding Bitcoin and Ether ETF inflows in a September 16 X post:



Source: Fred Krueger

The lackluster performance of Ether could be attributed to significant outflows from Ether ETFs. As of February 15, ETFs represented approximately 75% of new investments in Bitcoin, which had recently surpassed the $50,000 threshold. Since their inception, U.S. Ether ETFs have recorded a staggering $581 million in net negative outflows, with Grayscale’s Ether ETF alone accounting for a substantial $2.7 billion of this figure, according to data from Farside Investors.



Ethereum ETF Flow (USD, million). Source: Farside Investors

#### Is a Bottom for Ether Approaching?

According to crypto trader Anbessa, Ether’s recent downturn against Bitcoin could signify the beginning of a price bottom, paving the way for a possible recovery based on historical chart patterns. Anbessa expressed this view in a September 16 X post:



ETH/BTC, 3-day chart, breakout. Source: Anbessa

Other analysts also anticipate a potential upturn. Notably, well-known crypto investor Hedgex pointed out that ETH/BTC is exhibiting a historically low relative strength index. The analyst shared their insights in a September 16 X post:



ETH/BTC, all-time chart. Source: Hedgex

This article is not intended as investment advice or recommendations. All investments and trading activities carry inherent risks, and readers are encouraged to conduct their own research before making any decisions.

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