Ethereum

United

Bitcoin

April

Resistance

The decline in the cryptocurrency market continues under the leadership of <a href="https://en.coin-turk.com/robert-kiyosaki-us-dollar-is-fake-money-bitcoin-is-the-alternative/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a>. However, the depreciation of Bitcoin is causing serious risks for altcoins. Recently, a significant drop has occurred in <a href="https://coin-turk.com/ethereumda-bir-ath-daha-kaydedildi-dususun-ardindan-ethye-yogun-ilgi" data-wpel-link="internal" rel="noopener noreferrer nofollow"></a><a href="https://en.coin-turk.com/ethereum-network-becomes-more-centralized-as-stake-returns-decrease/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Ethereum</a>. The altcoin king reached its lowest level in 15 months against Bitcoin. This situation indicates the lowest level for Ethereum since its transition to proof-of-stake (PoS) with the ecosystem update.
<h2 class="p1" style="text-align: justify" id="critical-resistance-breakout-occurred">Critical Resistance Breakout Occurred</h2>
With the decline in the ETH/<a href="https://en.coin-turk.com/junes-crypto-market-developments-what-to-anticipate/" data-wpel-link="internal" rel="noopener noreferrer nofollow">BTC</a> pair, the level of 0.056 BTC was reached this week. In addition, the pair going below the 200-week exponential moving average (200-week EMA / blue level) near 0.058 BTC further increased downward risks.
The 200-week EMA level is a reliable support level for investors following the ETH/BTC chart historically. For example, after testing this support in July 2022, there was a 75% increase within only three months. However, in October 2020, the loss of the same support led to a decrease of over 25% in the pair.
After losing the 200-week EMA level as support, the ETH/BTC pair focuses on similar selling risks in 2023. In a possible scenario, the next downward target is seen near the 0.5 Fib line around 0.051 BTC in 2023 with a decrease of approximately 9.5% from the current price level.
Alternatively, if the ETH price recovers the 200-week EMA level as support, it may rebound towards the 50-week EMA level (red level) near 0.065 BTC.
<img decoding="async" class="aligncenter wp-image-266719 size-full" src="https://coin-turk.com/wp-content/uploads/2023/10/ethbtc-verisi.png" alt="" width="2710" height="1442">
<h2 class="p1" style="text-align: justify" id="what-to-expect-in-bitcoin-and-ethereum">What to Expect in Bitcoin and Ethereum?</h2>
The devaluation of Ethereum against Bitcoin also reflects on institutional capital flow data. According to the data analysis platform CoinShares, as of October 6, there has been a $246 million influx in Bitcoin-specific investment funds since the beginning of the year. In the same period, Ethereum funds lost $104 million in value.
The inconsistency here is most likely due to increasing rumors about a potential Bitcoin exchange-traded fund (ETF) expected to be approved in the United States.
Analysts argue that the launch of a spot Bitcoin ETF would attract $600 billion. Additionally, Bitcoin is expected to gain value compared to the altcoin market after the fourth halving event expected to occur on April 24, 2024.
<img decoding="async" class="aligncenter wp-image-266720 size-full" src="https://coin-turk.com/wp-content/uploads/2023/10/kripto-fon-akisi.webp" alt="" width="1364" height="1098"> Continue Reading: <a href="https://en.coin-turk.com/critical-support-lost-in-eth-btc-pair-why-is-ethereum-losing-value/" data-wpel-link="internal" rel="noopener noreferrer nofollow">https://en.coin-turk.com/critical-support-lost-in-eth-btc-pair-why-is-ethereum-losing-value/</a>

Critical Support Lost in ETH/BTC Pair: Why is Ethereum Losing Value?

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