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While Bitcoin has faced strong bullish momentum in recent weeks, consistently hitting all-time highs for several days, Ethereum has performed poorly, unable to catch up with BTC’s bullish pace.
Even compared to other crypto assets (altcoins) in the market, Ethereum has failed to achieve a significant face-melting rally.
Instead, as Bitcoin achieved a peak of over $93,000, leading the overall cryptocurrency market into a bull market, Ethereum was only able to rise to $3,396 during the same period, as BTC broke multiple resistances to achieve new highs. Fixed.
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To date, the price of ETH is still down approximately 37.5% away from its all-time high of $4,878, which was seen 3 years ago in November 2021. At the time of writing, the asset is facing a correction along with the rest of the cryptocurrency market, Including Bitcoin. ETH fell by 2.3% in the past daycurrently trading at $3,023.
Why is Ethereum struggling to catch up?
Ethereum’s poor performance compared to Bitcoin has caught the attention of market analysts. One key note comes from a CryptoQuant analyst known as Darkfost, who offered a possibility clarification Due to the stagnation of Ethereum prices.
According to Darkfoust, The buy-to-sell ratio is an important metric to considerespecially on the Binance exchange. This ratio is an indicator of short-term market sentiment, and when it remains below 1, it indicates that there is greater selling pressure than buying interest.
It could also indicate traders’ reluctance to accumulate ETH at current levels, which could contribute to lagging price performance.
Darkfoust noted:
The buy/sell ratio on Binance remains bearish, having been below 1 most of the time over the past month. This suggests that traders are more willing to sell than buy ETH, which may explain why ETH is currently performing poorly compared to BTC.
Is there still hope for ETH?
Although Ethereum struggles to match Bitcoin’s gains, some analysts remain optimistic about Ethereum’s long-term potential.
For example, one well-known cryptocurrency analyst, Kingpin Crypto, expressed a bullish sentiment towards ETH at current price levels. In a recent post on X, Kingpin Crypto Suggested ETH trading around the $3,000 mark represents a notable buying opportunity.
$ Ethereum – Buy with conviction around the orange line and retirement.
I know the BTC pair is disappointing and I feel like it will go down forever.
However, I tell you…
Ethereum will create a new ATH in this cycle. pic.twitter.com/T2r2TDmkb7
– Kingpin Crypto (@Kingpincrypto12) November 15, 2024
Likewise, another cryptocurrency analyst, Yoddha, shared a report analysis Indicates a potential bullish pattern for Ethereum. According to the chart shared by Yoddha, ETH’s historical price movements often include a phase of retesting followed by a sharp rise in value.
Yoda stressed that Ethereum may have already completed the retest phase, indicating that a strong price rise may be on the horizon.
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The “We Are Here” chart indicates the current position of ETH within this pattern, meaning that a significant upward movement may follow soon.
Featured image created with DALL-E, chart from TradingView
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