• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Buy SilverTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Buy SilverTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news Ethereum

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

Cole Petersen by Cole Petersen
8 months ago
in Ethereum
Reading Time: 2min read
Ethereum
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.

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
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? 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

Ethereum, ETHUSD, ETHBTC, ETHUSDT, cryptocurrency

Ethereum Flips Strong Resistance Levels as Price Eyes $2,000-Retest

2 days ago
Ethereum, ETHUSD, ETHBTC, ETHUSDT, cryptocurrency

2 Reasons Why Ethereum Could Reclaim Record Highs Above $2,000

1 week ago
Ethereum (ETH/USD) Falls 26% From Historic High; What’s Next?

Ethereum (ETH/USD) Falls 26% From Historic High; What’s Next?

1 week ago
Ethereum

Analyst Explains Why Ethereum (ETH) Could Hit $5,000 in 2021

2 weeks ago
Ethereum Triangle Breakout Shifts Price Target to Over $2,000

Ethereum Triangle Breakout Shifts Price Target to Over $2,000

4 weeks ago
Ethereum, ETHUSD, ETHBTC, ETHUSDT, cryptocurrency

Ethereum Nears All-Time High Despite Alarming Bearish Signals

1 month ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

Bittrex Global Exchange to List Ndau for Long-term Holders

March 4, 2021

Polkadex, DEX Built for Web3, Raises $3m From CMS Holdings, Outlier Ventures, OKEx Capital and More

March 4, 2021

Casino Betting Coin launches $FUN Uniswap pool

March 4, 2021

Newsletter Signup


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

Auto Trading Software ▸

Cryptocurrency news

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

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Buy Silver

© 2020 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.