**Ether Struggles Against Bitcoin: What’s Next?**

Ether (ETH) has been lagging behind Bitcoin (BTC), hitting a three-and-a-half-year low against BTC on Sept. 18. While Bitcoin has been trading sideways, some analysts predict it could reach a new all-time high by the end of the year. However, the outlook for Ether isn't as optimistic, with Polymarket showing 85% odds that ETH won't hit a new high in 2024.

Despite the bearish sentiment, Bitwise Asset Management’s CIO suggests Ether might be a “contrarian bet” for the year-end. The ETH/BTC chart shows a symmetrical triangle pattern, indicating indecision. Bulls and bears are fiercely defending their positions, and the next big move could come from a breakout above or below this triangle.

In the short term, the ETH/BTC pair has been in a descending channel, but a positive divergence in the RSI and a flattening 20-day EMA hint at reduced selling pressure. A break above the 50-day SMA could signal a trend change, while a drop below 0.038 BTC might push the pair to the channel’s support line.

Stay tuned for more updates as the crypto market evolves.