Ethereum’s Ether (ETH) Faces Significant Downtrend Against Bitcoin (BTC)
- Ether (ETH) has decreased over 35% against Bitcoin (BTC) in the past year.
- ETH may decline an additional 40%, potentially reaching around 0.0176 BTC.
- As of May, ETH reserves on Binance rose to approximately 3.62 million ETH, about 24.6% of all Ether held on exchanges.
- In contrast, Bitcoin reserves on Binance have been declining, indicating tighter liquidity for BTC.
- The ETH/BTC pair remains below a multi-year descending trend line that has limited breakout attempts since early last year.
The rising Ether supply on exchanges like Binance suggests increased sell-side pressure, while Bitcoin shows signs of reduced availability for trading. This divergence highlights a broader market shift affecting both cryptocurrencies.
Given the current trends, Ethereum’s price could face further declines as it struggles with high exchange reserves and persistent downward momentum against Bitcoin.(Source)
