However, in November 2024, Ethereum bulls could not defend the support, with ETH/BTC dropping by around 15% below it, accompanied by a rise in trading volumes. In technical analysis, losing a support level—especially amid increasing trading activity—indicates strong selling pressure, meaning ETH/BTC may decline further in the coming weeks. “Ethereum is dying a slow death,” commented Tuur Demeester, founder of Bitcoin hedge fund Adamant Capital. In 2024, in particular, ETH/BTC has underperformed largely due to the launch of spot Bitcoin exchange-traded funds (ETF) in the United States and the underperformance of its own spot Ethereum ETF. This, combined with Bitcoin’s fourth halving in April, increased BTC’s appeal among retail and institutional investors, resulting in a capital shift away from Ethereum and into Bitcoin. Ether also suffered due to the growing adoption of its top smart contracts rival, Solana SOL$232.65. SOL/ETH, for instance, has surged by over 925% since December 2022. Ethereum also missed key headlines during the Donald Trump election campaign, wherein he flirted with the idea of making Bitcoin a strategic reserve asset in the US, ignoring Ethereum. These factors have resulted in strong declines in Ethereum’s crypto market dominance (ETH.D), now at its lowest since April 2021. ETH price could drop another 50% Chart technicals show ETH/BTC entering the […]