Ethereum

Solana

Bitcoin

DeFi

Ethereum, the second-biggest cryptocurrency, has lagged behind Bitcoin this year amid slow growth of its exchange-traded funds and competition from other layer-1 and layer-2 blockchains. 
Ethereum (<a rel="" href="https://crypto.news/price/ethereum/">ETH</a>) has rallied by less than 20% in 2024, while Bitcoin (<a rel="" href="https://crypto.news/price/bitcoin/">BTC</a>) has risen by over 50%.&nbsp; 
Technicals point to more Ether weakness in the coming months. On the weekly chart, the coin formed a double-top chart pattern around $4,000. It dropped below the neckline of this pattern at $2,824 in July, confirming the bearish breakout. 
Ethereum has also formed a death cross pattern as the 200-day and 50-day Hull Moving Averages made a bearish crossover. The HMA reduces lag by using weighted moving averages to smooth out price data. 
The last time Ethereum formed a death cross on the weekly chart was in March 2022, and the coin dropped by over 70% after that. 
Ether has also formed a bearish pennant chart pattern, which is characterized by a long vertical line followed by a symmetrical triangle. Typically, an asset experiences a bearish breakout when the two lines of the triangle converge. 
Additionally, this consolidation is happening at the 50% Fibonacci Retracement level. Therefore, there are increasing chances that the coin will have a strong bearish breakout in the near term, with the next target to watch being $2,111, its lowest point on Aug. 5. 
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 Ethereum price chart | Source: <a href="https://www.tradingview.com/symbols/ETHUSD/?exchange=COINBASE" target="_blank" rel="nofollow">TradingView</a>
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 You might also like: <a rel="" href="https://crypto.news/nansen-integrates-token-and-wallet-tracking-tools-into-solana/"> Nansen integrates token and wallet tracking tools into Solana </a> 
<h2 class="wp-block-heading" id="ethereum-s-weak-fundamentals">Ethereum’s weak fundamentals</h2> 
In addition to weak technicals, Ethereum is also battling significant fundamental challenges. First, Ether ETFs have not seen strong inflows a few months after launch. 
According to <a href="https://sosovalue.com/assets/etf/us-eth-spot" target="_blank" rel="nofollow">SoSoValue</a>, these funds have had cumulative outflows of over $530 million, primarily due to the Grayscale Ethereum Fund. In contrast, Bitcoin ETFs have crossed the $20 billion inflow level, pointing to higher demand from institutional investors. 
Ethereum is also seeing intense competition in areas it used to dominate like <a rel="" href="https://crypto.news/understanding-defi-and-its-uses/">DeFi </a>and NFTs. Data by <a href="https://defillama.com/dexs/chains" target="_blank" rel="nofollow">DeFi Llama</a> shows that Solana has crossed Ethereum in terms of DEX volume in the last seven days. It handled $10.87 billion compared to Ethereum’s $9.69 billion.&nbsp; 
If the trend continues, Solana may surpass Ethereum this month. Solana has handled $23.9 billion so far, compared to Ethereum’s $24 billion. 
This performance is largely driven by the popularity of Solana (<a href="https://crypto.news/price/solana/" target="_blank">SOL</a>) meme coins like Dogwifhat, Bonk, and Popcat have become popular among traders. All Solana meme coins have gained over $10 billion in market cap. 
Additionally, some high-profile Ethereum whales, including Vitalik Buterin and the Ethereum Foundation, have sold thousands of coins recently. 
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 A wallet related to <a href="https://twitter.com/hashtag/DiscusFish?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">#DiscusFish</a>(<a href="https://twitter.com/bitfish1?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">@bitfish1</a>) deposited 2,044 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">$ETH</a>($5.45M) and 155,720 <a href="https://twitter.com/search?q=%24LINK&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">$LINK</a>($1.85M) to <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">#Binance</a> 2 hours ago. The wallet has deposited a total of 12,347 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">$ETH</a>($30.4M) to <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">#Binance</a> since Oct 2.<a rel="nofollow" href="https://t.co/niluIilTRi" target="_blank">https://t.co/niluIilTRi</a> <a rel="nofollow" href="https://t.co/ojHhveOtqq" target="_blank">pic.twitter.com/ojHhveOtqq</a>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1846230248553435203?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">October 15, 2024</a>
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Therefore, a combination of weak fundamentals and technicals could push Ether lower in the coming weeks. 
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Red alert as Ethereum price forms several dangerous patterns

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