
Ether could drop another 50% against Bitcoin by the end of 2024 after entering a technical breakdown setup.
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Ethereum could be preparing to bounce from a demand zone at $2,500, as fresh activity in ETH derivatives markets catches traders’ attention.
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Ethereum’s underperformance against Bitcoin is largely due to competition from Solana and the weaker-than-anticipated debut of its spot ETFs.
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The ETH/BTC trading pair is forming a classic bullish reversal pattern similar to the one from 2019-2021, which led to 140% price gains for Ethereum.
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Ethereum lost roughly 13.50% versus Bitcoin’s 9% decline in the past 24 hours.
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Ethereum risks dropping to $3,200 as its latest ETH price decline triggers a classic bearish setup.
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The second-largest cryptocurrency posts dwarfed losses compared to Bitcoin’s 21% price decline Saturday.
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Ethereum price hit a new all-time high in its ETH/BTC pair and a classic technical analysis pattern suggests the altcoin has a lot more upside.
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The bullish outlook appears as the ETH price decline stalls near its old Cup and Handle resistance level, now acting as support and thus raising the potential of a strong rebound ahead.
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The potential price decline would also mark Ethereum’s return to its Ascending Channel support.
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