30s Summary

Ether (ETH) has experienced a significant slump against Bitcoin (BTC) in 2024, leading experts, like Tuur Demeester, to suggest Ethereum is “slowly dying.” ETH/BTC fell about 15% under its main support line, potentially signaling more dips in the future. This downturn was influenced by the launch of Bitcoin’s ETFs, Bitcoin’s fourth halving, and preference for Solana (SOL). Even Trump’s campaign pro-Bitcoin stance contributed to Ethereum’s decline. Looking ahead, ETH/BTC could further drop by 50% but also has a chance to recover if it capitalizes on its current support level. Investing still carries risks and should be done cautiously.

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Ethereum’s own coin, Ether (ETH), has seen a bit of a slump against Bitcoin (BTC), leading experts to say it’s “slowly dying.”

What happened was ETH/BTC dipped below its main support line that’s been holding strong since 2016.

For instance, between December 2020 and December 2021, the duo saw a 300% comeback, and between January to May 2017, they had an epic 1,800% recovery.

But come November 2024, things went south. Ethereum couldn’t keep the support line secure, and ETH/BTC fell about 15% under, showing an increase in trade activity.

When you lose a support level, especially when trade activity’s high, it shows strong selling pressure. This means that ETH/BTC might take more hits in the coming weeks.

Analyst Tuur Demeester heavily commented saying, “Ethereum is dying a slow death.”

ETH/BTC hasn’t been doing well in 2024, mainly because of the launch of Bitcoin’s ETFs in the U.S and the underperformance of Ethereum’s own ETFs.

The increased interest in Bitcoin after its fourth halving in April didn’t help either. This preference for Bitcoin also reflected in the adoption of its rival, Solana (SOL). To give you an idea, SOL/ETH has soared about 925% since December 2022.

Even Donald Trump’s election campaign didn’t do Ethereum any favours. He spoke about making Bitcoin a strategic reserve asset in the U.S, ignoring Ethereum altogether.

Because of all this, Ethereum’s place in the crypto market has been on a steady decline and is now the lowest since April 2021.

Looking at chart analysis, ETH/BTC seems to be heading towards a breakdown. This situation makes it possible for ETH/BTC to drop another 50%.

But, if a strong comeback happens from the current support level of around 0.0317 BTC, then ETH/BTC can move towards 0.043 BTC by 2024’s end.

As with any investments, this article isn’t giving you any direct advice or suggestions. There are always risks, and you should do your homework before making any decisions.