Ethereum struggles as it hits a 40-month low against Bitcoin, facing bearish trends and lagging ETF inflows.
Ethereum hits a 40-month low against Bitcoin as traders lean towards BTC, driven by contrasting market sentiments and ETF inflows.However, despite these similarities, recent data shows that ETH has weakened against BTC. Additionally, traders have reacted differently to the launch of ETFs for both assets, favoring BTC over ETH.in over 40 months. Analysis of the ETH/BTC pair on Coinbase highlights a clear bearish trend, with ETH trading at 0.04044 BTC, down by 0.25%.
. Price action shows a steady decline characterized by lower highs and lower lows, reinforcing Ethereum’s ongoing weakness relative to Bitcoin.The key feature on the chart is the Golden Cross, where the 50-day moving average has crossed above the 200-day moving average , signaling a long-term upward trend.Price action confirms this momentum, with a series of higher highs and higher lows, indicating Bitcoin’s continued dominance over Ethereum.
In contrast, US spot Ethereum ETFs have a negative net flow of about $607 million. This data reflects a clear preference among traders for Bitcoin over Ethereum, not just in price action but also in ETF investments.In conclusion, Ethereum has recently lost significant ground to Bitcoin, with bearish trends dominating its trading against BTC. The differing market reactions to their respective ETFs further underscore Bitcoin’s current strength and investor preference.
As traders continue to favor Bitcoin ETFs and the BTC/ETH ratio remains in Bitcoin’s favor, Bitcoin’s bullish momentum could continue while Ethereum faces ongoing challenges in regaining its footing.Adewale is a full-time journalist at AMBCrypto. While he is increasingly fascinating by the world of blockchain and cryptocurrencies, Adewale holds a degree in International Relations.
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