Published on september 30, 2024, 12:26 am
Image source: Fox News
```json [ "TLDR: Ether (ETH) has been trailing behind Bitcoin but there are signs of a possible shift soon. Recent low against Bitcoin prompts discussion on buying opportunities. Analysts predict a potential breakout for Bitcoin leading to all-time highs, while Ether faces challenges to reach previous peaks. Some hope remains for Ether as an unconventional investment. Technical analysis points to a symmetrical triangle pattern in the ETH/BTC chart with indicators favoring bearish sentiment, but also showing potential for a new trend if critical indicators are surpassed.", "Disclaimer: This article is for informational purposes only and not financial advice. Readers are advised to conduct thorough research before making any cryptocurrency investments." ] ```
Ether, known as ETH in the world of cryptocurrencies, has been lagging behind Bitcoin for quite some time now. However, there are signs that this trend might be shifting soon.
ETH recently hit a significant low against Bitcoin, not seen since 2021. This raises the crucial question of whether this dip presents a buying opportunity or if Ether will continue to fall behind its counterpart, Bitcoin.
While Bitcoin has been trading sideways for months, some analysts anticipate a breakout leading to a new all-time high by the end of this year. Conversely, predictions for Ether aren’t as optimistic due to its substantial distance from its historical peak. The largest prediction market in the world currently indicates an 85% chance that Ether won’t reach a new all-time high until 2024.
Despite these challenges, there is a glimmer of hope for supporters of Ether. Bitwise Asset Management’s Chief Investment Officer expressed in a recent blog post that Ether could be an unconventional investment worth considering until the year concludes.
Analysts are closely scrutinizing the ETH/BTC chart for any signals of a potential turnaround. The long-term chart showcases a symmetrical triangle pattern, reflecting uncertainty among traders as bulls defend support levels while bears resist advances at resistance levels.
Currently, both moving averages are declining, and the Relative Strength Index (RSI) hovers near oversold territories – indicators favoring bearish sentiment. Should the price bounce off support levels and breach moving averages upwards, it may suggest an extension of consolidation within the triangle pattern before any decisive movement.
On the flip side, a breakthrough either above or below the triangle could signify the commencement of a new trend. A bullish breakout could see ETH target 0.18 BTC surpassing its previous all-time high at 0.15 BTC.
In recent times, ETH has been stuck in a descending channel characterized by lower highs and lows. However, there is hope as signaled by minor positives such as a positive divergence in RSI and stabilization in the 20-day exponential moving average around 0.04 BTC indicating diminishing selling pressure.
For Ether to demonstrate a real shift in momentum towards an uptrend line, it must break above and close beyond critical indicators like the 50-day simple moving average at 0.04 BTC while signaling further potential on breaking free from current channel constraints.
Ultimately, it’s important to note that this article serves informational purposes only and not as financial advice; hence readers should exercise caution and conduct thorough research before making any investment decisions concerning cryptocurrencies or related assets.’
Original article posted by Fox News
