Ethereum

2024

Bitcoin

April

<ul>
 <li>While Bitcoin hit its all-time high, Ethereum lags behind by 25%, puzzling investors expecting ETH to capitalize on similar market conditions.</li>
 <li>Ethereum’s inability to surge to new highs likely stems from Bitcoin’s dominance during the past six months.</li>
 <li>Despite the current suppression, on-chain indicators and historical trends suggest Ethereum could see a breakout.</li>
</ul>
While Bitcoin has surged to its all-time high of over $69,000, <a href="https://thenewscrypto.com/?s=Ethereum" target="_blank" rel="noopener noreferrer nofollow">Ethereum</a> is lagging behind as its price remains anchored 25% below its own peak near $4,000. This divergence has puzzled many investors who expected ETH to capitalize on the same tailwinds lifting BTC.
So what’s holding Ethereum back, and when can we expect new highs above $5,000? The answer likely ties back to Bitcoin reasserting its dominance during the past six months of consolidation.
Analyzing the crucial ETH/BTC chart reveals Ethereum has been heavily accumulating within a large symmetrical triangle spanning over three years. This triangle has defined each peak and trough of ETH’s Bitcoin pairing since 2021.
<figure class="wp-block-image size-large"><img decoding="async" width="1024" height="500" src="https://thenewscrypto.com/wp-content/uploads/2024/03/image-24-1024x500.png" alt="" class="wp-image-93040" srcset="https://thenewscrypto.com/wp-content/uploads/2024/03/image-24-1024x500.png 1024w, https://thenewscrypto.com/wp-content/uploads/2024/03/image-24-300x146.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/03/image-24-768x375.png 768w, https://thenewscrypto.com/wp-content/uploads/2024/03/image-24-1536x750.png 1536w, https://thenewscrypto.com/wp-content/uploads/2024/03/image-24.png 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
<h2 class="wp-block-heading" id="h-will-ethereum-hit-5-000">Will Ethereum hit $5,000?</h2>
Currently, Bitcoin is flashing signs of strength while keeping ETH pinned down on the lower boundary of this pattern. The latest move has produced a 6-month consolidation underpivotal resistance around 0.086 BTC, stifling ETH’s ability to gain momentum against a commanding BTC.
Despite Bitcoin overshadowing Ethereum recently, on-chain indicators suggest this lull may precede an eventual breakout. The daily relative strength index (RSI) for ETH/BTC shows consistent higher lows, hinting that today’s consolidation is building energy for Ethereum’s next move.
Historical data also bodes well for ETH. Bitcoin’s upcoming block reward halving in April 2024 is projected to thrust BTC into a prolonged bull run. During previous halvings, money tended to rotate strongly into large-cap altcoins like Ethereum after Bitcoin topped out.
Of course, the exact peak remains difficult to forecast. But another rally looks imminent following Bitcoin’s halving and escape velocity above its former all-time high. If historical trends hold, Ethereum may break above $5,000 long before hitting those lofty six-figure predictions.

Ethereum Lags Behind Bitcoin: When Will ETH Break Out Above $5,000?

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