Bitcoin and altcoins, which made a good start to 2023 after a difficult 2022, showed ups and downs throughout the year.
While BTC rose to the limit of $ 32,000, the largest altcoin Ethereum exceeded $ 2,000.
BTC and ETH could not maintain these levels and subsequently experienced sharp declines, while Ethereum continues its downward trend against Bitcoin.
According to The Block, K33 Research analysts, evaluating the trend of Ethereum against Bitcoin, stated that this situation may reverse in October.
According to analysts, this downward trend started after the Merge upgrade in Ethereum i.e. in September 2022 and is still continuing.
Stating that the ETH/BTC trading pair is trading around 0.06, K33 senior analysts Vetle Lunde and Anders Helseth wrote:
“Ethereum has had a steady downtrend against Bitcoin throughout the year due to decreased DeFi and NFT activity.
For no particular reason, Ethereum struggled to maintain its strength against Bitcoin.
However, a potential approval for Ethereum futures ETFs in October could lead to a reversal of the downward trend for Ethereum.”
Pointing out that CME derivative traders also expect a decline in Ethereum, according to the data, K33 analysts said, “Despite the ongoing decline, the potential approval of Ethereum futures ETFs in the next few weeks may reverse the trend. At this point, the trend towards Ethereum will be a solid one towards the end of the year.” “We reiterate our opinion that there is a move.” they said
At the time of writing, Ethereum is trading just under $1,600.
*This is not investment advice.