Ethereum Price Analysis Today: Already Low or Still Going Down?

Bittime - Amidst Bitcoin's increasing market dominance, Ethereum is experiencing increasing pressure. This article will discuss Ethereum price analysis today. 

In this article, we will see whether Ethereum has bottomed out or whether there is still potential for further declines. Read this article to find out more!

Ethereum Price Analysis 

In September 2024, Ethereum (ETH) price analysis reached its lowest level in the last 42 months compared to Bitcoin (BTC). 

This level is a critical moment for ETH as many analysts question whether this is the lowest point for Ethereum or whether the selling pressure will continue. 

Alex Thorn, head of research at Galaxy, revealed that ETH/BTC recently traded at $0.03, which was the last time it happened in April 2021. 

After experiencing a decline of around 53% since the “Merge” in September 2022, many are wondering, what will stop this downward trend?

Ethereum Price Analysis: Causes of Decline

Source: x.com/fredkueger

Let's analyze the price of Ethereum. About what causes Ethereum to continue to decline? One reason is Bitcoin's increasing market dominance. 

BTC dominance reached 58%, which indicates that more and more investors prefer Bitcoin over Ethereum and other altcoin. 

Additionally, the higher popularity of Bitcoin ETFs compared to Ethereum ETFs is also a significant factor. As of February 15, Bitcoin ETFs accounted for about 75% of new investments in the crypto market.

Meanwhile, Ethereum has experienced quite a large outflow since its launch in the US, with a total net outflow reaching $581 million. 

Read Also: Ethereum Annual Inflation Rate 0,5%, High or Low?

Ethereum Price Analysis: Already Lowest Point?

Source: Anbessa in cointelegraph.com

Even though the current state of Ethereum looks gloomy, some analysts conducted Ethereum price analysis and believe that this could be the lowest point for ETH before it experiences a recovery. 

Anbessa, a crypto trader, said that ETH/BTC has experienced a throwback to the 0.382 Fibonacci level of 0.03845 BTC. Based on historical patterns, this could be a turning point for Ethereum before experiencing a price recovery.

Another well-known crypto investor, Hedgex, also sees potential for Ethereum recovery. He pointed out that the Relative Strength Index (RSI) for ETH/BTC is at a very low level.

This condition has only occurred 5 times in Ethereum's history. Every time ETH reaches this level, the price of ETH always recovers to a higher level.

Ethereum Price Analysis: Rally Potential

Additionally, some analysts who also conduct Ethereum price analysis, believe that the current decline could open up opportunities for ETH to rise higher. 

Fred Krueger, a popular mathematician and investor, emphasized that this could actually be an opportunity to buy at low prices.

However, the Bitcoin ETF experienced significant inflow, while the Ethereum ETF experienced massive outflow. 

This shows that market sentiment towards Ethereum still needs to improve before a potential price increase occurs.

Read Also: Ethereum Predicted Not to Rebound in the Near Future

Ethereum Price Analysis Today

Source: Bittime.com

Lalu, what is the Ethereum price analysis today? BBased on today's Bittime market, today's Ethereum price was observed to have increased by 0.32 percent. 

When this article was written, the price of ETH was trading at IDR 35,355,954 or around $2,305.

Optimism Towards Ethereum

Although Bitcoin's increasing dominance poses a major challenge for Ethereum, many analysts have conducted Ethereum price analysis and are still optimistic about Ethereum's long-term prospects. 

As a platform that supports the DeFi and NFT ecosystem, Ethereum has an important role in the development of blockchain technology. 

With ongoing upgrades to the Ethereum network, such as the transition to proof-of-stake via "Merge", Ethereum still has a chance to rise.

Read Also: Ethereum Under Threat, Layer 2 Will Take Over Ethereum's Earnings?

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Monitor graphic movement price Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.