Ethereum

Bitcoin ETF

Bitcoin

Ether’s price <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/eth-falls-6-percent-trump-assassination-attempt-rate-cuts-fud-wave" rel="" target="_self" text="null" title="https://cointelegraph.com/news/eth-falls-6-percent-trump-assassination-attempt-rate-cuts-fud-wave">continues to struggle</a>, particularly against Bitcoin, threatening more potential downside for the world’s second-largest cryptocurrency. 
With Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null" title="https://cointelegraph.com/bitcoin-price">BTC</a>) dominance up to 58%, could this be the local bottom for Ether’s (<a data-ct-non-breakable="null" href="https://cointelegraph.com/ethereum-price" rel="null" target="null" text="null" title="https://cointelegraph.com/ethereum-price">ETH</a>) price, or will it keep losing market share against BTC? 
<h2 id="eth-btc-hits-new-42-month-lows">ETH/BTC hits new 42-month lows</h2>
Ether’s price against Bitcoin has hit a three-and-a-half-year low last seen in 2021.
This could threaten more downside pressure for Ether, according to Alex Thorn, head of research at Galaxy, who <a data-ct-non-breakable="null" href="https://x.com/intangiblecoins/status/1835333743025770918/photo/1" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/intangiblecoins/status/1835333743025770918/photo/1">wrote</a> in a Sept. 15 X post:
<blockquote>
 “ETH/BTC just traded on a 0.03 handle for the first time in 3.5 years (Apr. 2021). -53% since the Merge in Sept. 2022. What stops this train?”
</blockquote>
<figure>
 <img alt="Ethereum falls to new 42-month low vs. Bitcoin — Bottom or more pain ahead?&nbsp;" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0191fb5a-4ea8-7e0a-b106-0f1e1ca6c90f">
 <figcaption style="text-align: center;">
 BTC/USD downtrend. Source: Alex Thorn
 </figcaption>
</figure>
Others also believe that Ether could be set for a downtrend. Popular investor and mathematician Fred Krueger <a data-ct-non-breakable="null" href="https://x.com/dotkrueger/status/1835331641532960820" rel="null" target="null" text="null" title="null">noted</a> that ETH is on the “edge of collapse” against Bitcoin.
Krueger added that not all exchange-traded funds (ETFs) “are created equal,” sharing the image below about Bitcoin and Ether ETF inflows in a Sept. 16 X <a data-ct-non-breakable="null" href="https://x.com/dotkrueger/status/1835518597172732224" rel="null" target="null" text="null" title="null">post</a>.
<figure>
 <img alt="Ethereum falls to new 42-month low vs. Bitcoin — Bottom or more pain ahead?&nbsp;" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0191fb5a-bcc5-7878-8e3c-d8bf9f87b03b">
 <figcaption style="text-align: center;">
 Source: <a data-ct-non-breakable="null" href="https://x.com/dotkrueger/status/1835518597172732224" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/dotkrueger/status/1835518597172732224">Fred Krueger</a>
 </figcaption>
</figure>
Ether ETF outflows could be the reason behind Ether’s sluggish price action. By Feb. 15, ETFs accounted for about&nbsp;<a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-etfs-about-75-new-investment" rel="" target="_self" text="null" title="https://cointelegraph.com/news/bitcoin-etfs-about-75-new-investment">75% of new investment</a>&nbsp;in Bitcoin, which had surpassed the $50,000 mark.
Since launch, United States Ether ETFs have witnessed $581 million worth of net negative outflows. Grayscale’s Ether ETF accounted for the majority, or $2.7 billion worth of outflows, according to Farside Investors <a data-ct-non-breakable="null" href="https://farside.co.uk/eth/" rel="nofollow noopener" target="_blank" text="null" title="https://farside.co.uk/eth/">data</a>.
<figure>
 <img alt="Ethereum falls to new 42-month low vs. Bitcoin — Bottom or more pain ahead?&nbsp;" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0191fb62-1f4f-70c5-b3f0-c79fa5c463c8">
 <figcaption style="text-align: center;">
 Ethereum ETF Flow (USD, million). Source: Farside Investors
 </figcaption>
</figure>
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-3-month-historic-rally-analysts-92k-btc" rel="" target="_self" text="null" title="https://cointelegraph.com/news/bitcoin-3-month-historic-rally-analysts-92k-btc">Bitcoin set for 3-month historic rally as analysts eye $92K BTC</a>
<h2 id="is-the-ether-bottom-in">Is the Ether bottom in?</h2>
Ether’s correction against Bitcoin could be the start of the price bottom ahead of a recovery, based on historical chart patterns, according to crypto trader Anbessa, who <a data-ct-non-breakable="null" href="https://x.com/Anbessa100/status/1835612728758604115/photo/1" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/Anbessa100/status/1835612728758604115/photo/1">wrote</a> in a Sept. 16 X post:
<blockquote>
 “ETH/BTC throwback to fib 0,382 at 0,03845 BTC. This should be the bottom”
</blockquote>
<figure>
 <img alt="Ethereum falls to new 42-month low vs. Bitcoin — Bottom or more pain ahead?&nbsp;" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0191fb5b-3f88-7b60-aee0-a25ca1b465be">
 <figcaption style="text-align: center;">
 ETH/BTC, 3-day chart, breakout. Source: Anbessa
 </figcaption>
</figure>
Others also expect a potential rally, including popular crypto investor Hedgex, who pointed out a historically low relative strength index for ETH/BTC. The analyst <a data-ct-non-breakable="null" href="https://x.com/hedge__x/status/1835589513084559529" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/hedge__x/status/1835589513084559529">wrote</a> in a Sept. 16 X post:
<blockquote>
 “ETH/BTC has only been this oversold 5 times in the history of Ethereum. Each time much higher followed.”
</blockquote>
<figure>
 <img alt="Ethereum falls to new 42-month low vs. Bitcoin — Bottom or more pain ahead?&nbsp;" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0191fb5b-a113-7e0c-8b3a-065d1ae305dd">
 <figcaption style="text-align: center;">
 ETH/BTC, all-time chart. Source: Hedgex
 </figcaption>
</figure>
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.

Ethereum falls to new 42-month low vs. Bitcoin — Bottom or more pain ahead?

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