Ether Lee’s Aboriginal token, Etter (ETH), has been adventures for Bitcoin (BTC) several times in recent months, but Altcoin has not yet found a price floor. The transaction situation is actually very similar to the previous scenario, and ETH’s market structure can be repeated in the second to third quarter of this year.
The repetitive failure of ether refers to more disadvantages.
The relative intensity index (RSI) for the three -day period of ETH is maintained at less than 30 and is usually a level that signals potential bounce.
However, historical patterns show that overreation does not indicate the crucial bottom of the dip to the overproduct. Behind each instance, another leg is low, which reflects the continuous weakness.
ETH/BTC 3 -day price chart. Source: TradingView
Since mid -2012, ETH/BTC pairs have suffered repeated failures, and about 13%, 21%, 25%, and 19.5%have been rapidly lost. Moreover, the 50 -day EMA is more popular by checking the lack of strength.
X -based market analyst @carpenocTom emphasized ETH’s negative price performance, pointing out that ETH/BTC pairs did not confirm optimistic release.
ETH/BTC weekly price chart. Source: TradingView/cryptonoctom
ETF ETF leakage and onChain data hint more weakness
The “cursed” ETH/BTC decline is noticeable when compared to a wider encryption market. This includes persistent leaks and voice onchain data witnessed from the US -based SPOT ETF ETF.
At the moment, the net trend to ether ETF decreased by 9.8% in March, down to $ 2.55 billion. In contrast, the SPOT BITCOIN ETF pure flow decreased to $ 35.4 billion, down 2.35% in the same period.
Source: Ted Pillow
Meanwhile, Ether Lee’s gas commission due to the daily mid -term consumption of Mainnet has been reduced nearly 50 times a year ago to 1.12 GWEI about 1.12 GWEI as of March.
Ether Lee Reeum Intermediate Gas Fee vs. ETH price (dollar condition). Source: Nansen
Data Analysis Platform Nansen added:
“This is a few downstream, but most of the activities have been converted to Solana and L2 for more than 2024.”
Nansen argued that the ETH is carefully weakened by the undesirable risk/compensation ratio compared to the low -value Altcoin focusing on BTC and niche market.
The lack of demand for ETH for Bitcoin is more visible in the volume data in the future.
In particular, the volume of Bitcoin futures rebounded 32%at the lowest level on February 23, reaching $ 57 billion on March 18. In comparison, ETH’s trading activities remain flat.
Bitcoin, Ether Leeum and Solara Gift Volume. Source: Glass Node
The ETH/BTC pairs can drop 15%further.
The ETH/BTC pair forms a bear penant pattern on the daily chart, which is characterized by an integrated period within the convergence trend line after a steep reduction.
relevant: The standard charge is 60% to $ 4K.
Bear penant is technically solved when it falls below the low price trend line and falls by the height of the previous downturn. Applying the same rules to ETH/BTC, the disadvantage of April is 0.01968 BTC, down 15% from the current level.
ETH/BTC daily price chart. Source: TradingView
In addition, the 50 and 200 -day EMA represents a continuous bear market structure by keeping the ETH/BTC pairs a rapid downward trajectory through transactions that are much lower than these major levels.
Despite the risk of urgent drops, if ETH/BTC supports 50 days EMA beyond the upper resistance of the penant, it can lead to invalidation of strength.
This article does not include investment advice or recommendation. All investment and trading measures include risks, and the reader must do his own research when making a decision.