This drop to a 3.5-year low has intensified discussions regarding ethereum's market cycle and its possible approach towards its lower log regression trend line that has historically provided support during bearish phases.
Analyst Benjamin Cowen suggests that eth could reach this level in the coming weeks before 2025, as part of a broader cycle reset.
This low aligns with patterns seen in 2016 and 2019, where ethereum saw significant drops before finding stability and recovering.
Despite previous optimism surrounding the merger and approval of several ETFs, ethereum's valuation against bitcoin has steadily declined, following a trajectory that echoes past cycles.
Analysts suggest that if this level is reached, it could provide a basis for consolidation before a longer-lasting uptrend begins.
The 50-day simple moving average (SMA) for eth/btc is being closely watched as an indicator of a possible bottom.
Historically, when eth/btc crosses above this level, it has signaled a potential trend reversal, making it a key level to watch in the coming weeks.
With eth/btc at its lowest point in years, ethereum holders may consider a hedge as it approaches this regression line.
bitcoin's increasing market dominance is another factor affecting ethereum and other altcoins, which have shown continued weakness relative to bitcoin.
Analyst Benjamin Cowen emphasizes that ethereum could reach a low around $1,500, based on indicators from previous cycles when ethereum approached its lower regression trend line.
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