Ethereum faces major dip against Bitcoin

What it could mean for the market and Ethereum holders in the future.

Author

Daniel Akpobare
November 07, 2024

In partnership with

GM Explorer,

While Bitcoin is soaring through the roof, Ethereum is really struggling right now—seriously struggling to keep up with Bitcoin.

Stay with us as we explore the reasons behind this struggle and what it could mean for the market and Ethereum holders in the future!

Here’s what we got for you today:

  • 📉 Ethereum faces major dip against Bitcoin!

  • 💃 Bitcoin hits new all-time high!

  • 🧱 Around The Block: BlackRock Bitcoin ETF trades over $1 billion in the first 20 minutes post-election day.

📉 Ethereum Faces Major Dip Against Bitcoin!

Ethereum’s value against Bitcoin (ETH/BTC) has just plummeted to an alarming new low of 0.03508, and let me tell you, it’s a level we haven’t witnessed since April 2021!

This significant drop marks a staggering 3.5-year low and has ignited some intense discussions about Ethereum’s future.

Eyes are on Ethereum as it edges closer to the “lower logarithmic regression trend line.”

For those unfamiliar with the term, it’s a sophisticated way of referring to the historical support level where Ethereum tends to find its footing during bearish times.

Think of it as Ethereum's safety net when the market gets turbulent.

Analyst Benjamin Cowen, who is closely monitoring the situation, forecasts that ETH could touch this low in the coming weeks, potentially before 2025.

And let’s not forget, this isn’t Ethereum’s first rollercoaster ride.

We’ve seen similar declines in 2016 and 2019, which were followed by explosive rebounds, so let's just say it’s a classic case of history repeating itself.😕

However, despite the buzz around the Merge and ETF approvals, Ethereum’s value against Bitcoin has been on a downward slope.

But here’s the silver lining:

If ETH hits that lower regression trend line, it might pave the way for a strong consolidation phase—basically a necessary "pause and regroup" moment before Ethereum revs up for its next big leap.

There’s also a crucial marker to watch: the 50-day simple moving average (SMA) for ETH/BTC.

Historically, when ETH/BTC climbs above this line, it signals that a trend reversal could be on the horizon.

So, let’s keep our fingers crossed!🤞

Meanwhile, as Bitcoin continues to flex its dominance, and altcoins like Ethereum are still struggling, some analysts, including Cowen, anticipate that ETH might dip to around $1,500, echoing patterns from previous cycles.

But don’t panic just yet—Ethereum has repeatedly shown that it can endure and rebound.

Who knows? It could be setting the stage for its next thrilling chapter! Just buckle up and prepare for the ride because the adventure isn’t over yet.

Curious to learn more? Dive into the details here!

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  • Enhanced avatars and social interactions

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  • New features: badges, daily quests, and mini-games

💃 Bitcoin Hits New All-Time High!

Bitcoin is soaring again!

In the past 24 hours, BTC rallied by 10%, reaching an all-time high of $75,011 early Wednesday morning around 3:00 AM UTC.

Even BTC’s trading volume rose by over 75%, with more than $71.84 billion of the digital asset moving between wallet addresses.

And as of this writing, Bitcoin remains strong at $74,752.88.

These thrilling developments have catapulted Bitcoin's market cap of 19.78 million circulating supply to an astonishing $1.471 trillion.

You know what that means? BTC has reclaimed the ninth place among the top 10 assets in the world by market cap, pulling ahead of Meta’s $1.415 trillion.

Isn’t that spectacular?🤩

The current trajectory of Bitcoin’s price and market activity suggests a sustained bullish trend, especially with the upcoming Bitcoin halving event.

Historically, such events signal bigger gains for BTC, with the market anticipating significant price shifts in the coming weeks.

In fact, market observers agree that Bitcoin’s journey is far from over!

There are expectations of continued growth and record-breaking performances in the foreseeable future.

All of which stem from the increased interest of retail and institutional investors combined with strategic market movements.

And with Donald Trump vocally supporting the sector, industry leaders like Coinbase CEO Brian Armstrong believe that "Crypto is here to stay from a policy POV."

Crypto is surely in for an exciting future, and we can't wait to see how it all pans out.🤞

🧱 Around The Block

That's all we've got for you today.

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Catch you soon.

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell assets or make financial decisions.

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