Ethereum (ETH) Continues to Struggle against Bitcoin (BTC), Marking a 30% Decline

The price of Ethereum continues to struggle against Bitcoin, with the ETH/BTC trading pair marking a 30% decline. Experts have expressed discontent with the

The price of Ethereum (ETH) continues to flounder against Bitcoin (BTC), with the ETH/BTC trading pair marking a 30% decline. This lackluster performance has drawn the attention of several crypto analysts, who have expressed their discontent.

One popular crypto analyst, Michaël van de Poppe, took to social media platform X to air his grievances. In a recent post, van de Poppe shared a chart of the ETH/BTC trading pair, highlighting its extended bearish trend. According to the analyst, any possible recovery of Ethereum will require it to emerge from the key area of resistance at 0.05151.

“The ETH/BTC pair struggles to find momentum, facing rejections at crucial levels. At the same time, large selling pressure from trading firms like Jump Trading also exerts a downward pressure on Ethereum.”

Meanwhile, a slight upward movement in Ethereum's price over the past week failed to signal an imminent reversal trend. The second-largest cryptocurrency began the week at a price of $2,338. بسرعة, it rose to a high of $2,390 on September 26. However, the following days saw a gradual decline, bringing ETH to a closing price of $2,354 on September 29. In total, ETH experienced a rise of $0.041 BTC before falling to $0.03876, marking a decrease of almost 4.4% within the last 7 days.

Despite this minor oscillation, the overall outlook on the ETH/BTC trading pair remains bearish, indicating a bear market for the pair.

According to data from Coingecko, the Ethereum to Bitcoin trading volume was also substantial, reaching BTC 268,761,76 in the last 24 hours a crucial observation as it can help us understand the selling pressure from trading firms like Jump Trading.

Over the last 7 days, the daily ETH/BTC exchange rate has oscillated with a maximum of 0.041 BTC and a minimum of 0.03875. The trading pair price suffered a 3.2% downturn on October 1, highlighting Ethereum's vulnerability to market shifts.

From September 2022, جالب, we can observe a 26% dip in ETH against BTC, followed by another 34% decrease in the following year. In contrast, BTC rose 240% from September 2022 and set new records, while ETH increased only by 104%. This disparity in growth highlights Ethereum's struggle to keep pace with Bitcoin's rally.

Coinmarketcap stats show a price increase on the Ethereum chart today with a price of $2,355.43. The price has surged by $1.20% in the last 24 hours. Bitcoin is also trading in the green zone with a price increase of 1.08% at a price of $60,831.40. The absence of a strong bullish push keeps the trend bearish in the higher time frames.