ETH Underperforms, Analysts Predict It Will Struggle to Surpass BTC

Ether (ETH) has underperformed compared to Bitcoin (BTC), hitting a three-and-a-half year low on September 18th, according to Cointelegraph. Analysts believe that ETH will struggle to reach new highs in 2024, while BTC is expected to break out to all-time highs in the fourth quarter of this year.

The chief investment officer of Bitwise Asset Management said that ETH could be a “potential contrarian bet” before the end of the year, and the weekly chart of ETH/BTC shows a symmetrical triangle pattern, indicating hesitation on both sides. A break above the support or resistance line could trigger a new trend.

The daily chart of ETH / BTC shows that the pair is in a downtrend channel, but the RSI is showing positive divergence and the 20-day exponential moving average is flattening, suggesting that the selling pressure may be weakening. A break above the 50-day simple moving average could indicate a trend change.