Indeed, the past 24 hours provide little comfort. While Solana continues on its recent trajectory, up 1.38%, the ETH price appears to have been left by the wayside, down 1.15%.
This margin only grows wider when looking at the week’s performance, revealing a slow downward spiral for Ethereum, down 1.91%, while Solana has seen a substantial 8.47% uptick.
The early November momentum seems to be waning as traders seemingly look elsewhere. The altcoin’s trading volume has dipped a further 16.5% to $25 billion over the past 24 hours.
ETH Price Breaches 8-Year Support: Why a 50% Dip could be Next
For the first time in 8 years, the ETH/BTC pair has breached below a support trendline which has marked lows since 2016.
Tuur Demeester, founder of Bitcoin hedge fund Adamant Capital, encapsulated this sentiment, stating, “Ethereum is dying a slow death” in a recent X post.
This outlook is intensified by Ethereum’s apparent fall from favor among traders this cycle. Since December 2022, the SOL/ETH pair has skyrocketed by over 925%—a telling sign that Ethereum’s dominance over the DeFi ecosystem is eroding.
It’s not just the fundamentals that are concerning for Ethereum, technical indicators also paint a bearish picture. The ETH/BTC pair continues in its breakout of an inverse cup-and-handle pattern, representing a temporary pause in a prevailing downtrend.
ETH/BTC 1W chart, inverse cup-and-handle pattern. Source: Binance.Should this pattern fully materialize, the target level could drop as low as 0.017 BTC, setting an ETH price target of $1,561.26 going into 2025. This floor would re-establish a historical support zone from August 2019 to January 2020.
While there does stand a chance for an early exit from the pattern at the 0.03318 BTC support, it seems unlikely to hold as the MACD matains its position below the signal line.
Despite repeated attempts at a crossover, Ethereum’s current downtrend appears too strong to mount any significant upwards momentum.
Ethereum Still Has Potential: Here’s How to Make the Most of It
Indeed, with these seemingly damning developments for the ETH price, runner-up Solana certainly seems like an appealing prospect.
However, the Ethereum ecosystem itself holds greater opportunities for those looking to maximize their gains potential. Fortune favors the bold, and Ethereum-based meme coins have been seeing exponential growth as the “meme coin supercycle” sentiment takes hold.
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The post Ethereum In Hot Water? ETH Breaches 8-Year BTC Support, Solana is Up 925% Since 2022 appeared first on Cryptonews.
