Ethereum’s chart receives harsh criticism from analysts, branding it the “most disgusting,” following a 30% drop in the ETH/BTC pair.
As Ethereum’s price edges slightly upward—trading at about $2,375 currently—there’s an observable pattern of volatility casting doubt over its course. The cryptocurrency has experienced a modest 1.06% rise in the past day but endured a significant 10.47% decline over the previous week. Amidst this turbulent climate, the underwhelming performance of the ETH/BTC pair has garnered intense scrutiny from market experts.
Analyzing the ETH/BTC Pair’s Underperformance
Recently, Michaël van de Poppe, a noted cryptocurrency analyst and founder of MN Consultancy, analyzed this pair’s disappointing trajectory. Highlighting how the ETH/BTC pair again failed to surpass key resistance levels, Van de Poppe described Ethereum’s ongoing struggles against Bitcoin as producing one of the most unappealing charts. His analysis underscores a frustration—despite Ethereum’s fundamental strengths, it faces hurdles in gaining an upper hand over Bitcoin.
The chart illustrates Ethereum’s significant fall, with a 30% dip relative to Bitcoin over recent months. When observed last, the ETH/BTC pair traded around 0.03883 BTC, showing a slight decrease to 0.03877 BTC as of recent updates. Crucially, Van de Poppe identified 0.05151 BTC as a pivotal rejection level, which might indicate potential trend reversals.
Factors Contributing to Ethereum’s Market Challenges
Ethereum faces intensified selling pressure, notably from high-volume investors, prompting noticeable price shifts.
One significant whale wallet, inactive for two years, recently began liquidating substantial Ethereum holdings. This past week alone, it sold 19,000 ETH—approximately worth $47.54 million. Originally acquired during Ethereum’s initial coin offering at just $0.31 per coin, this investment soared from $46,500 to more than $358 million now.
The selling spree started on October 1, initiating with 9,000 ETH sold above $2,600. Further sales continued on October 3, shedding 10,000 ETH as prices dipped to $2,380. Recently, reports from The Crypto Basic have spotlighted dormant Ethereum ICO whales cashing out millions. Remarkably, the Ethereum Foundation has also strategically offloaded ETH, often aligning these sales with market upswings, potentially influencing Ethereum’s current underperformance.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed herein reflect the author’s perspectives and not those of The Crypto Basic. We urge readers to undertake comprehensive research before making any financial decisions. The Crypto Basic will not be liable for any financial losses incurred.
Click Here For More Trading tips and strategies.
Discover more from Make Money Online and Work From Anywhere
Subscribe to get the latest posts sent to your email.
