Highlights of the storyBitcoin and Ethereum trade in a decisive range, indicating the current positive and negative resultsAlthough ETH shows some strength against BTC, there may be more bearish actions in the upward trendAlthough Bitcoin continues to maintain its key trend line, Ethereum has lost its level. The second largest token has been showing continuous strength for a period of time, but the new bearish action caused by the U
- Bitcoin and Ethereum trade in a decisive range, indicating the current positive and negative results
- Although ETH shows some strength against BTC, there may be more bearish actions in the upward trend
Although Bitcoin continues to maintain its key trend line, Ethereum has lost its level. The second largest token has been showing continuous strength for a period of time, but the new bearish action caused by the U.S. Securities and Exchange Commission's crackdown may have suppressed the bullish track for a long time.
At present, ETH/BTC prices seem to be in a decisive stage, and bullish sentiment may overcome this stage. But in reality, prices are closer to a significant decline.
Since the beginning of this year, there has been a correlation between ETH and the prices of USDT and BTC, with several comparisons made.
Therefore, since ETH/USDT has shown strength and is preparing to trigger a large-scale rise, it is speculated that the ETH/BTC currency pair will experience a significant collapse. Benjamin Cowen, a popular analyst, believes that ETH/BTC is about to "collapse".
ETH/BTC usually means that two Cryptocurrency can trade with each other or purchase the BTC quantity required for 1ETH. BTC prices are trading under the influence of severe bearish, because Ethereum acts as a hedging tool in the trading pair.
Whenever tokens traded with USDT cannot be held, the currency pair with BTC will skyrocket. However, current forecasts indicate that the currency pair has failed to hold onto one of the main supports, and therefore may experience a significant decline.
Analysts here believe that ETH may show significant weakness against BTC, with an initial decline of nearly 0.05BTC.
It is expected that there will be a slight rebound here, followed by a significant decline that may drag prices down to 0.035BTC by the end of 2023. Therefore, there is speculation that the bear market will be extended until the end of the year.
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