3 reasons why Ethereum price is down against Bitcoin
1 min read
The price of Ethereum’s native token, Ether (ETH) is trading around a
Ethereum price breaks below critical support vs. Bitcoin
The ETH/BTC pair dropped to 0.050 BTC on Oct. 23 and has remained in a downtrend since then. A notable occurrence was the pair’s fall below its 200-week exponential moving average near 0.058 BTC,which raises the possibility for further downside in the short-term.
According to Cointegraph contributor Yashu Gola,
“The 200-week EMA has historically served as a reliable support level for ETH/BTC bulls. For instance, the pair rebounded 75% three months after testing the wave support in July 2022. Conversely, it dropped over 25% after losing the same support in October 2020.”
These factors are likely to continue impacting Ethereum’s price relative to Bitcoin. The multifaceted market dynamics, investor sentiment and staunch regulatory environment could remain the dominant headwinds against the ETH/BTC pair for the foreseeable future.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
