Ethereum

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 Bitcoin ETF and halving buzz have boosted BTC's demand compared to Ethereum in recent weeks.
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 <p>The <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> of Ethereum's native token, Ether (ETH), is trading around a 15-month low versus Bitcoin (BTC), and the lowest since Ethereum&nbsp;switched to proof-of-stake (PoS).</p>
 <p>Will it continue to weaken for the remainder of 2023? Let's take a closer look at the charts.&nbsp;</p>
 <h2 id="ethereum-price-breaks-below-critical-support-vs-bitcoin">Ethereum price breaks below critical support vs. Bitcoin</h2>
 <p>The ETH/BTC pair dropped to as low as 0.056 BTC earlier this week. In doing so, the pair broke below its 200-week exponential moving average (200-week EMA; the blue wave) near 0.058 BTC, raising downside risks further into 2023.</p>
 <p>The 200-week EMA has historically served as a reliable support level for ETH/BTC bulls. For instance, the pair rebounded 75% three <a rel="noopener noreferrer nofollow" title="months" href="https://thebittimes.com/tag/months.html">months</a> after testing the wave support in July 2022. Conversely, it dropped over 25% after <a rel="noopener noreferrer nofollow" title="losing" href="https://thebittimes.com/tag/losing.html">losing</a> the same support in October 2020.</p>
 <figure><img src="https://cdn.thebittimes.com/images/2023/10/14/cedcb75c25add7c405baf80c23aefa10.webp">
  <figcaption style="text-align: center;"><em>ETH/BTC weekly price chart. Source: TradingView</em>
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 <p>ETH/BTC stares at similar selloff risks in 2023 after losing its 200-week EMA as support. In this case, the next downside target looks to be around its 0.5 Fib line near 0.051 BTC in 2023, down about 9.5% from current price levels.</p>
 <p>Conversely, ETH <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> may rebound toward its 50-week EMA (the red wave) near 0.065 BTC if it reclaims the 200-week EMA as support.</p>
 <h2 id="bitcoin-bull-case-overshadows-ethereum">Bitcoin bull case overshadows Ethereum</h2>
 <p>Ethereum's persistent weakness versus Bitcoin is reflected in institutional capital flow data.&nbsp;</p>
 <p>For instance, as of Oct. 6, Bitcoin-specific investment funds had attracted $246 million year-to-date (YTD), according to CoinShares. On the other hand, Ethereum funds have lost capital, witnessing outflows worth $104 million in the same period.</p>
 <figure><img src="https://cdn.thebittimes.com/images/2023/10/14/52ab41d3e8b303e5a690a9afdacd01ce.webp">
  <figcaption style="text-align: center;"><em>Net flows into crypto funds (by asset). Source: CoinShares</em>
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 <p>The discrepancy is likely due to growing buzz about a potential spot Bitcoin exchange-traded product (ETF) approval in the U.S.</p>
 <p>Trade pundits argue that a spot Bitcoin ETF launch will attract $600 billion. In addition, Bitcoin's fourth halving&nbsp;on April 24, 2024, is also acting as a tailwind versus the altcoin market.</p>
 <p><strong><em>Related:&nbsp;Bitcoin <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> gets new $25K target as SEC decision day boosts GBTC</em></strong></p>
 <p>The halving will reduce the Bitcoin miners' block reward from 6.25 BTC to 3.125 BTC, a bullish case based on historical precedent that cuts new supply in half.&nbsp;</p>
 <p class="post-content__disclaimer">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.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/ethereum-losing-streak-vs-bitcoin-hits-15-months-can-eth-price-reverse-course-tbt66383.html">https://thebittimes.com/ethereum-losing-streak-vs-bitcoin-hits-15-months-can-eth-price-reverse-course-tbt66383.html</a></p>

Ethereum losing streak vs. Bitcoin hits 15 months — Can ETH price reverse course?

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