Story Highlights
Bitcoin and Ethereum are trading in a decisive range, indicating both positive and negative outcomes at the moment
Although ETH shows some strength against BTC, a more bearish action could be on the horizon amid the rally
While Bitcoin continues to hold a key trendline, Ethereum has lost its level. The second-largest coin has been showing sustained strength for some time, but the renewed bearish action resulting from the SEC crackdown may have suppressed the bullish trajectory for a long time.
Currently, ETH/BTC price seems to be in a decisive phase, which bullishness may overcome. But realistically, the price is closer to a significant drop.
Since the beginning of the year, ETH has been correlated with the prices of USDT and BTC, with several occasions showing contrast.
Therefore, now that ETH/USDT is showing strength and poised to spark a massive rally, it is speculated that the ETH/BTC pair will crash significantly. Benjamin Cowen, a popular analyst, believes that ETH/BTC is about to “crash.”
ETH/BTC generally means that the two cryptocurrencies can be traded against each other or the amount of BTC required to buy 1 ETH. BTC price is trading with a heavy bearish influence as Ethereum acts as a hedge in the trading pair.
Whenever the tokens traded against USDT fail to hold, the pair against BTC has seen a massive surge. However, current forecasts suggest that the pair has failed to hold one of the major supports, so a massive drop could be in the cards.
Analysts here believe that ETH could show significant weakness against BTC and could initially slide closer to 0.05 BTC.
A small rebound is expected here, followed by a sharp decline that could drag prices as low as 0.035 BTC by the end of 2023. Hence, speculations of an extension of the bear market until the end of the year have emerged.
