- ETH/BTC dropped by 55% since its 2021 high nearing critical support levels between 0.030 and 0.020 BTC, signaling market weakness.
- Ethereum loses ground against Bitcoin with current prices just above 0.03732 BTC, sparking concerns of more downside.
- Analysts are watching ETH/BTC closely, warning that if support breaks, the pair could see further declines and face even more selling pressure.
ETH/BTC gradually fell reaching 0.03732 BTC as of October 24, 2024, coming close to its lowest position since April 2021 and down 55% from its peak in December 2021. This negative trend indicates a long-term bearish change in the Ethereum-to-Bitcoin market.
Even while ETH/BTC is still above the 2019 low of 0.017362 BTC, it is still exhibiting symptoms of weakening. Concerns over additional downside potential are raised by the pair’s price trend, which points to a test of crucial support zones.
Continuous Slide Since 2021 Peak
ETH/BTC has moved within the volatile market with a peak of 0.087274 BTC in December 2021 during the last five years. Since then, Ethereum’s price has reversed into a long-term downtrend, falling 55.08% from its peak against Bitcoin.
The current level has been nearing historical support regions since 2019, with prices hovering just above 0.03732 BTC. Besides, the consistent downward movement indicates the market has been under heavy pressure since late 2021.
Critical Support Zones in Focus
Moreover, the chart shown by crypto analyst Alex Thorn illustrates potential support regions between 0.030 and 0.020 BTC, suggesting Ethereum could stabilize in this zone if the downward momentum continues. However, if the pair breaks below these levels, there could be further downsides.
This creates uncertainty around ETH’s ability to recover against Bitcoin in the near term. Additionally, the market shows significant resistance at the upper range of 0.06565 BTC, which may limit any future upward moves.
Further Downside Possible
Consequently, analysts believe ETH/BTC might face additional selling pressure if it fails to hold the current support. Traders are closely watching for signals of reversal, but the market sentiment remains bearish.
The shaded region on the chart highlights a potential downside target that could extend towards 0.00000 BTC. Hence, the Ethereum-to-Bitcoin pair might continue its downward trajectory unless there is a sharp reversal in the market.
