Ethereum

Bitcoin

April

Reversal

Bitcoin’s Rising Demand Surpasses Ethereum Amid ETF and Halving Excitement 
Over the past few weeks, Bitcoin has experienced increased demand, fueled by anticipation surrounding a potential Bitcoin ETF and the upcoming halving event. Meanwhile, Ethereum’s native token, Ether, is facing a 15-month low against Bitcoin, currently trading at<a href="https://www.coingecko.com/en/coins/ethereum"> $1,558</a> compared to Bitcoin’s <a href="https://www.coingecko.com/en/coins/bitcoin">$26,896</a>. This marks the lowest point since Ethereum transitioned to proof-of-stake (PoS). 
Ethereum’s struggle is evident in the ETH/BTC pair, which recently dipped to 0.056 BTC, breaking its 200-week exponential moving average (200-week EMA). Historically a crucial support for ETH/BTC bulls, this breach raises concerns for a potential downtrend in 2023. The next downside target could be near the 0.5 Fib line at 0.051 BTC, a 9.5% decrease from the current levels, if the 200-week EMA isn’t reclaimed. 
Institutional capital flow data reflects Ethereum’s persistent weakness compared to Bitcoin. Bitcoin-specific investment funds attracted $246 million year-to-date as of October 6, while Ethereum funds faced outflows of $104 million in the same period. The buzz around a potential spot Bitcoin ETF approval in the U.S. and the upcoming Bitcoin halving on April 24, 2024, are contributing to Bitcoin’s dominance. 
Analysts suggest that the launch of a spot Bitcoin ETF could attract a staggering $600 billion. Additionally, Bitcoin’s fourth halving will reduce miners’ block reward from 6.25 BTC to 3.125 BTC, historically creating a bullish case by cutting the new supply in half. 
As Bitcoin gains momentum with these factors, Ethereum grapples with challenges, highlighting the shifting dynamics between the two leading cryptocurrencies.

Will Ethereum’s 15-Month Losing Streak Against Bitcoin Finally Turn Around? Exploring the Potential for ETH Price Reversal

CoinstelegramEng

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