• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
Ethereum
Nexo Logo

Ethereum Could Soon Plummet 20% Against BTC; Here’s Why

Cole Petersen by Cole Petersen
2 years ago
in Ethereum
Reading Time: 2 mins read
Advertisement

Ethereum has been woefully underperforming Bitcoin over the past few days, with the cryptocurrency’s USD pair fast approaching a crucial “last-ditch” support level could catalyze a massive downtrend – should it be broken below.

The weakness ETH has seen against both USD and BTC has come about despite it incurring massive fundamental growth.

The cryptocurrency has seen its daily transaction volume rocket to its 2017 highs, with the explosively popular DeFi trend directing massive user inflows to the ETH blockchain.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

This has created a divergence between Ethereum’s technical and fundamental strength.

Analysts don’t believe that the fundamental growth seen in recent weeks will be enough to stop it from seeing further downside.

One analyst is now calling for a 20% decline against its Bitcoin trading pair.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

This weakness could be compounded by a massive influx of tokens into exchange wallets, signaling that investors are prepared to offload their Ethereum holdings if it makes any big near-term movements.

Ethereum At Risk of Seeing Major Losses in Coming Days

At the time of writing, Ethereum is trading down roughly 1% at its current price of $224. This is around the price level at which it has been trading over the past day.

It has posted a similar loss against its Bitcoin trading pair, currently trading at 0.0245 BTC.

Its decline over the past couple of days has caused it to break firmly below the trading range that it has been caught within over the past several weeks.

This range exists between $230 and $250 on its USD trading pair, and the sustained decline beneath its lower boundary seems to indicate that it may be forming a mid-term downtrend.

Ethereum’s current weakness is also well-pronounced while looking towards its BTC trading pair.

One analyst recently put forth a chart showing that it may soon decline by over 20% due to its posting a rejection at the upper boundary of a triangle formation.

“ETHBTC: Feel free to remind me why my bearish bias on ETH over the last several weeks will be wrong?”

Ethereum

Image Courtesy of TraderXO. Chart via TradingView

This Exchange Trend is Bearish for ETH

One data analyst recently observed that cryptocurrency exchange Bitfinex had seen a massive rise in the amount of Ethereum on the platform.

This seems to indicate that traders are taking short-term positions on ETH, with a goal of exiting their positions should it push any higher in the near-term.

“So Bitfinex now holds nearly double the USD balance of $ETH vs. $BTC. Two completely opposite trends this year. $1B of bitcoin outflow.”

Image Courtesy of Ceteris Paribus.
Featured image from Shutterstock.

Charts from TradingView.
Tags: ethbtcethusdETHUSDT
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Related Posts

World Of Women, screenshot from the website

Blue Chip NFTs 101: The World Of Women Collection, Including And Conquering

1 hour ago
Ethereum

Decline In Ethereum Futures On CME Suggests Institutional Investors Are Still Bearish

1 day ago
Ethereum Loses Steam As Exchange Supply Spikes

Ethereum Loses Steam As Exchange Supply Spikes

1 day ago
ethereum

Why Ethereum Could Trade At $500 If These Conditions Are Met

3 days ago
Ethereum

Ethereum Needs To Breach This Level To Sustain Bullish Pace

3 days ago
Ethereum ETH ETHUSD

CME Net Short Exposure Reaches ATH: Why Institutions Are Bearish on Ethereum

3 days ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
BC.Game

BC.Game

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
BC.Game

BC.Game

Review · Visit

Crypto To Add The Best Gains To Your Portfolio For Bull Market: Gnox (GNOX), Cronos (CRO) And NEAR Protocol (NEAR)

July 1, 2022

U Promise Me: The Digital Promise Platform

July 1, 2022

XT.com Lists Land of Fantasy (LOF) With USDT Trading Pair

July 1, 2022

LYOTRADE Launches Crypto Loans—Get USDT and Win Against Volatility

July 1, 2022

Torches Genesis NFT Launching, Win Torchlight NFT to Unlock IDO Allocation

June 30, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.