Ethereum

Bitcoin

Ethereum is at its weakest level against Bitcoin since early 2021 as the ETH/BTC ratio continues to break down.
The ratio is a measure of the price of ETH in Bitcoin terms, not in US dollars. Despite falling 21% from its all-time high, Bitcoin has <a href="https://cryptopotato.com/bitcoin-price-flirts-with-60k-as-weekly-gains-surpass-10-market-watch/" data-wpel-link="internal" rel="noopener noreferrer nofollow">remained</a> robust, whereas Ethereum remains down 53% from its peak in 2021.
In a post on X on Sept. 16, ITC Crypto founder Benjamin Cowed predicted that the ETH/BTC ratio will “likely bottom between 0.03-0.04 and then trend up in 2025.”
<blockquote>
 It’s almost over.
 I think <a href="https://twitter.com/hashtag/ETH?src=hash&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">#ETH</a> / <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">#BTC</a> will likely bottom between 0.03-0.04 and then trend up in 2025.
 It could bottom as early as this week or as late as December
 Based on prior capitulations, I think it will happen sooner rather than later
 Will make a video about it tomorrow <a href="https://t.co/rwqj5u4n8A" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">https://t.co/rwqj5u4n8A</a> <a href="https://t.co/lc7iMruoqf" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/lc7iMruoqf</a>
 — Benjamin Cowen (@intocryptoverse) <a href="https://twitter.com/intocryptoverse/status/1835484787278049305?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">September 16, 2024</a>
</blockquote>
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He added that it could bottom as early as this week or as late as December, but “based on prior capitulations, I think it will happen sooner rather than later.”
<h2 id="whales-offloading-eth">Whales Offloading ETH</h2>
Head of research at Galaxy, Alex Thorn, also observed the disintegration of Ethereum prices, reporting that ETH/BTC just traded on a 0.03 handle for the first time in three and a half years.
<blockquote class="twitter-tweet">
 ETHBTC just traded on a 0.03 handle for the first time in 3.5 years (apr 2021)
 -53% since the merge in sep 2022
 what stops this train? <a href="https://t.co/Olj6SGEiVe" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/Olj6SGEiVe</a>
 — Alex Thorn (@intangiblecoins) <a href="https://twitter.com/intangiblecoins/status/1835333743025770918?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">September 15, 2024</a>
</blockquote>
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Meanwhile, analyst ‘Master Kenobi’ <a href="https://twitter.com/btc_MasterPlan/status/1835435344080101521" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">said</a> that these patterns were cyclical. The ETH/BTC pair historically declined after a Bitcoin halving, with trend reversals occurring 168-224 days following the event in previous cycles.&nbsp;He added that a reversal is expected soon as it is currently around 150 days after the halving.
<blockquote>
 “Fundamentally, nothing has changed for Ethereum in a negative way,” he said before adding:
 “The current movement is artificially driven by a lot of FUD in the market, and the reality is that they want you to sell your ETH at a low price. The underlying strength of Ethereum remains intact, and this downward pressure appears to be a tactic to shake out weak hands.”
</blockquote>
On Sept. 16, Galaxy Trading <a href="https://twitter.com/GalaxyTrading_/status/1835394647826510013" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">observed</a> that markets are now seeing the lowest sentiment for Ethereum since 2017 before adding:
<blockquote>
 “In my opinion, people are in such disbelief that they forget how quickly ETH can surge once it starts moving.”
 “Right now, ETH is approaching its biggest support line since its inception,” they said before adding, “This isn’t the time to be bearish.”
</blockquote>
<blockquote class="twitter-tweet">
 Half of my feed is ETH FUD at this point.
 — antiprosynthesis.eth ⟠ (@antiprosynth) <a href="https://twitter.com/antiprosynth/status/1835241553238827368?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">September 15, 2024</a>
</blockquote>
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<h2 id="eth-price-outlook">ETH Price Outlook</h2>
On Sept. 16, industry observer Colin Wu <a href="https://twitter.com/WuBlockchain/status/1835498857104617516" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">reported</a> that an “ancient whale” who received 16,636 ETH from ShapeShift at $5.23 per coin in February 2016 has now started selling.
This has added to the negative sentiment sending ETH plunging 6% on the day, dumping the asset to an intraday low of $2,260 during Monday morning trading in Asia.
Ethereum has been trading at its lowest level since January, but there is solid support here, which may remain until the overall market <a href="https://cryptopotato.com/positive-bitcoin-sentiment-surges-to-yearly-highs-heres-why-thats-bad-for-btc/" data-wpel-link="internal" rel="noopener noreferrer nofollow">sentiment</a> improves.
Even renowned analysts were piling on the <a href="https://cryptopotato.com/ethereans-defy-the-fud-as-eth-etf-flows-flip-positive/" data-wpel-link="internal" rel="noopener noreferrer nofollow">ETH FUD</a>:
<blockquote class="twitter-tweet">
 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">$ETH</a>
 How it started How it’s going <a href="https://t.co/PdLawNI2yT" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/PdLawNI2yT</a>
 — _Checkmate <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/26a1.png" alt="⚡" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/2622.png" alt="☢" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@_Checkmatey_) <a href="https://twitter.com/_Checkmatey_/status/1835519499522765178?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">September 16, 2024</a>
</blockquote>
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The post <a href="https://cryptopotato.com/whale-selling-pushes-eth-btc-to-3-5-year-low-where-next-for-ethereum/" rel="noopener noreferrer nofollow">Whale Selling Pushes ETH/BTC to 3.5 Year Low, Where Next for Ethereum?&nbsp;</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.

Whale Selling Pushes ETH/BTC to 3.5 Year Low, Where Next for Ethereum?

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