Ethereum Price Underperformance Continues, But Ascending Triangle Forms – Is a Breakout Next? Joel Frank | amznusa.com

Ethereum’s (ETH) price has struggled this month, with its ETH/BTC ratio close to its lowest level since early 2021, at approximately 0.036.

Ethereum’s “dominance” has also dropped by 6% from yearly highs, down to 13%—its lowest in three and a half years.

Bitcoin (BTC) has made substantial gains this month, nearing record highs in the $73,000s, while Ethereum’s price remains subdued.

Despite Bitcoin’s rally, ETH has held steady just below $2,600, staying within its three-month range of $2,200 to $2,800 and remaining roughly 37% below its peak above $4,000 earlier this year.

Source: TradingView / ETHUSD

What’s Behind the Ethereum Price Struggles?

Underwhelming demand for Ethereum ETFs launched earlier this year and rising competition from rival smart-contract-enabled layer-1 blockchains (such as Solana) and layer-2 scaling solutions (like Polygon, Arbitrum, Base, and Optimism) have contributed to the market’s recent sluggish performance.

On-chain metrics, such as DEX trading volumes, have stagnated for most of the year following a brief uptick in Q4 of 2023.

In contrast, Solana has seen an upward trend in on-chain activity throughout the year, according to data from DeFi Llama.

Ethereum’s continued underperformance compared to major rivals has raised concerns this year.

However, momentum in the Bitcoin market has shown potential for a fresh breakout to new record highs.

With pro-crypto ex-US President Donald Trump favored to win next week’s US presidential election, analysts suggest a potential rally toward $100,000 by year-end, especially if the Republican Party sweeps Congress, against the backdrop of a strong US economy and an easing Fed stance.

Latest Election Odds

Trump • 66.1% chance
Harris • 33.9% chance

5 days to go. pic.twitter.com/aybIfAMqT7

— Polymarket (@Polymarket) October 30, 2024

Ethereum Price Nears Potential Breakout with Ascending Triangle Formation

A Bitcoin breakout could spark a new alt-coin rally, and traders who feel they “missed out” on Bitcoin may turn to undervalued plays with high catch-up potential, positioning Ethereum for gains.

With support from BlackRock and dominance in the DeFi space—holding a considerable portion of trade value locked (TVL) in smart contracts at around $48 billion, or more than half the total $90 billion across blockchains—Ethereum may still have strong fundamentals in its favor.

Ethereum has also formed an ascending triangle in recent months, building pressure for a potential break above resistance at $2,800.

Source: TradingView / ETHUSD

Should Bitcoin reach $100,000, Ethereum might see gains that could bring it closer to its 2021 all-time highs near $5,000.

For investors considering established cryptocurrencies with long-term potential, Ethereum may present an appealing option.

Ethereum Alternative to Consider

While Ethereum may offer a promising 4-5x return over the coming years, some impatient and risk-tolerant investors may prefer tokens with stronger near-term potential.

Early entry into promising meme coins can yield substantial gains, with the potential for high returns.

One meme coin attracting attention at Cryptonews is Meme Bet (MEMEBET), a new Telegram/web-based crypto casino planning to be the first to enable users to wager with their meme coin holdings.

Meme Bet has seen strong interest during its presale, which recently surpassed $550,000 within a few weeks.

Watch Cryptonews’ in-house analyst Crypto Chester explain in the video below why MEMEBET is one of his top crypto picks to buy right now.

Visit Meme Bet Now

The post Ethereum Price Underperformance Continues, But Ascending Triangle Forms – Is a Breakout Next? appeared first on Cryptonews.

 

This articles is written by : Fady Askharoun Samy Askharoun

All Rights Reserved to Amznusa www.amznusa.com

Why Amznusa?

AMZNUSA is a dynamic website that focuses on three primary categories: Technology, e-commerce and cryptocurrency news. It provides users with the latest updates and insights into online retail trends and the rapidly evolving world of digital currencies, helping visitors stay informed about both markets.