ethereum is at its weakest level against bitcoin since early 2021 as the eth/btc ratio continues to decline.
The ratio is a measure of eth's price in terms of bitcoin, not US dollars. Despite falling 21% from its all-time high, bitcoin has remained strong, while ethereum remains 53% below its 2021 peak.
In a post on x on Sept. 16, ITC crypto founder Benjamin Cowed predicted that the eth/btc ratio “will likely bottom between 0.03 and 0.04 and then trend higher in 2025.”
It's almost over.
Believe twitter.com/hashtag/eth?src=hash&ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>#eth / twitter.com/hashtag/btc?src=hash&ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>#btc It will probably bottom between 0.03 and 0.04 and then trend up in 2025.
It could bottom as early as this week or as late as December.
Based on previous capitulations, I think it will happen sooner rather than later.
I'll make a video about it tomorrow. https://t.co/rwqj5u4n8A image.twitter.com/lc7iMruoqf
—Benjamin Cowen (@intocryptoverse) twitter.com/intocryptoverse/status/1835484787278049305?ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>September 16, 2024
He added that the bottom could be reached as early as this week or as late as December, but “based on past capitulations, I think it will happen sooner rather than later.”
Whales unloading eth
Galaxy’s head of research, Alex Thorn, also noted the ethereum price disintegration, reporting that eth/btc just traded at the 0.03 level for the first time in three and a half years.
<blockquote class="twitter-tweet”>
ETHBTC just traded at 0.03 level for the first time in 3.5 years (April 2021)
-53% since the merger in September 2022
What's stopping this train? image.twitter.com/Olj6SGEiVe
— Alex Thorn (@intangiblecoins) twitter.com/intangiblecoins/status/1835333743025770918?ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>September 15, 2024
Meanwhile, analyst 'Master Kenobi' twitter.com/btc_MasterPlan/status/1835435344080101521″ target=”_blank” rel=”noopener” data-wpel-link=”external”>saying that these patterns were cyclical. The eth/btc pair has historically fallen after a bitcoin halving, with trend reversals occurring between 168 and 224 days after the event in previous cycles. He added that a reversal is expected soon, as it is currently around 150 days after the halving.
“Basically, nothing has changed for ethereum in a negative way,” he said before adding:
“The current move is artificially driven by a lot of fear, uncertainty, and doubt in the market, and the reality is that they want you to sell your eth at a low price. The underlying strength of ethereum remains intact, and this downward pressure appears to be a tactic to shake out weak hands.”
On September 16, Galaxy Trading twitter.com/GalaxyTrading_/status/1835394647826510013″ target=”_blank” rel=”noopener” data-wpel-link=”external”>observed that markets are now seeing the lowest sentiment for ethereum since 2017 before adding:
“In my opinion, people are so incredulous that they forget how fast eth can rise once it starts moving.”
“At the moment, eth is approaching its largest support line since its inception,” they said before adding: “This is not the time to be bearish.”
<blockquote class="twitter-tweet”>
Half of my feed is FUD (fear, uncertainty, fear) about eth right now.
— antiprosíntesis.eth ⟠ (@antiprosynth) twitter.com/antiprosynth/status/1835241553238827368?ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>September 15, 2024
eth Price Outlook
On September 16, industry observer Colin Wu twitter.com/WuBlockchain/status/1835498857104617516″ target=”_blank” rel=”noopener” data-wpel-link=”external”>reported that an “old whale” who received 16,636 eth from ShapeShift at $5.23 per coin in February 2016 has now started selling.
This added to the negative sentiment that saw eth drop 6% on the day, dumping the asset to an intraday low of $2,260 during Monday morning trading in Asia.
ethereum has been trading at its lowest level since January, but there is solid support here, which may hold until overall market sentiment improves.
Even renowned analysts have joined in on the eth FUD:
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twitter.com/search?q=%24ETH&src=ctag&ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>$Ether
How it started How it's going image.twitter.com/PdLawNI2yT
— _Checkmate (@_Checkmatey_) twitter.com/_Checkmatey_/status/1835519499522765178?ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>September 16, 2024
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