ETH Struggles Against BTC
📊 ETH Struggles: Bitcoin up, Ethereum down! ETH/BTC is down 1.6% today and on the verge of retracing the relief rally incepted by BlackRock’s decision to file for a spot Ether ETF. Will the ratio continue to trade lower?
Earlier this month, DCinvestor wrote, “Expect ETHBTC to get truly painful.” Despite the momentary momentum shift in Ethereum’s favor, we’re returning to our regularly scheduled programming of Ether underperformance.
While stablecoin market caps have ticked up slightly in November, primarily driven by the creation of $2.6B new Tethers during the month, the availability of new crypto capital remains constrained. Contributing towards the decline in the Ratio is undoubtedly ETH investors rotating out of their bags in search of Haute assets with fresher investment narratives, like SOL and TIA 🚀🥮
ETH/BTC may have found support above 0.05, but the Ratio will soon be at risk of retesting this critical level for the first time since the depths of the 3AC collapse if the downturn continues…