While Ethereum Continues to Fall Against Bitcoin, Analysts Point to October for the Rise!

Making a good start to 2023 after a challenging 2022 Bitcoin and altcoins It showed ups and downs throughout the year.

BTC The largest altcoin as it rose to the limit of $ 32,000 Ethereum It reached over $2,000.

BTC and ETHcould not maintain these levels and subsequently experienced sharp declines, while Ethereum continues its downward trend against Bitcoin.

According to The Block, evaluating the trend of Ethereum against Bitcoin K33 Research Analysts 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 experienced a steady downward trend 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.”

K33 analysts pointed out that, according to the data, CME derivative traders also expect a decline in Ethereum. “Despite the ongoing bearish chart, potential approval of Ethereum futures ETFs in the next few weeks could reverse the trend. “At this point, we reiterate our opinion that moving towards Ethereum is a solid move towards the end of the year.” they said

Ethereum At the time of writing, it is trading just under $1,600.

*This is not investment advice.