While bitcoin remains just below its all-time high, ethereum remains 36% away from its peak and does not appear to be getting close to it any time soon.
Additionally, the eth/btc ratio, which measures ethereum prices on bitcoin, fell back below 0.034 on November 17. according to Tradingview.
It is the lowest ratio since late March 2021, when btc was trading around $57,000 while eth weakened to $1,700.
The return of FUD
This time, bitcoin has reached a new high above $90,000, but ethereum has struggled to reach $3,300.
this has It fueled bitcoin maximalists, who were attacking ethereum again. On November 18, network analyst James Check <a target="_blank" href="https://x.com/_Checkmatey_/status/1858286792249880774″ target=”_blank” rel=”noopener” data-wpel-link=”external”>saying“This even sounds like a great conviction. people are not holding eth from me.”
“This sounds like there isn't the demand there once was and it feels like a loss of market share.”
His response reached DeFi analyst “Ignas”, who <a target="_blank" href="https://x.com/DefiIgnas/status/1858057761742811367″ target=”_blank” rel=”noopener” data-wpel-link=”external”>saying, “eth is likely to pump late in the cycle,” after seeing a rotation towards altcoins like Solana.
Meanwhile, bitcoiner and investment expert Lyn Alden admitted to being an ethereum bear, adding that “the new post-election low in eth/btc is even more brutal than I expected.”
“An administration that is open to cryptocurrencies wins elections. eth/btc jumps then falls. New lows after the good news. Phew.”
<blockquote class="twitter-tweet”>
I've been something of an educated long-term ethereum bear, but the new post-election low in ETHBTC is even more brutal than I expected.
An administration open to cryptocurrencies wins the elections.
ETHBTC jumps then falls. New lows after the good news.
Phew.
– Lyn Alden (@LynAldenContact) <a target="_blank" href="https://twitter.com/LynAldenContact/status/1857970853494858112?ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>November 17, 2024
Investor Mike Alfred called it a “fake fool” and claimed the behavior was similar in the last cycle.
Several cryptocurrency traders responded that they sold eth for SOL. However, Solana's current narrative is driven solely by speculation by memecoin degenerates.
Not everyone was so pessimistic. Trader “CrediBULL crypto” told his 433,000 x followers on November 17 that he had completed his eth position here. “Low time frames look constructive, and btc is also at my ‘must hold’ level on low time frames,” he said before targeting eth at $3,450, first ahead of a second target of $4,100.
<blockquote class="twitter-tweet”>
I recharged my <a target="_blank" href="https://twitter.com/search?q=%24ETH&src=ctag&ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>$eth
The first target is $3450, the second target is $4100. https://t.co/bc68FJJe7v pic.twitter.com/6WwU13wVMn
— CrediBULL crypto (@CredibleCrypto) <a target="_blank" href="https://twitter.com/CredibleCrypto/status/1858040006977401007?ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>November 17, 2024
What's next for eth?
eth has been trending lower since hitting just $3,400 on November 12. It held at the $3,100 level during Monday morning trading in Asia, but would likely mirror bitcoin's moves this week.
While retail traders have fallen out of favor with ethereum, institutional investors are still hungry for the asset.. Last week, they invested $515 million in spot eth ETFs in the United States..
The large inflow eventually surpassed the exodus from Grayscale, turning total aggregate net flow into the positive for the first time since the funds were launched in July.
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