Ethereum's Struggle Against Bitcoin

Ether's (ETH) price continues to struggle, particularly against Bitcoin (BTC), threatening more potential downside for the world's second-largest cryptocurrency. With Bitcoin dominance up to 58%, analysts are debating whether this is a local bottom for ETH price or if it will keep losing market share against BTC.

New 42-Month Lows for ETH/BTC

Ether's price against Bitcoin has hit a three-and-a-half-year low last seen in 2021. This could threaten more downside pressure for Ether, according to analysts who believe the cryptocurrency is on the "edge of collapse" against Bitcoin.

Ethereum ETF Outflows Impacting Price

The sluggish price action of Ether may be due to the significant outflows from Ethereum ETFs. Since launch, US Ether ETFs have witnessed $581 million worth of net negative outflows, with Grayscale's Ether ETF accounting for the majority at $2.7 billion worth of outflows.

Analysts Divided on Ether's Outlook

Some analysts see this correction as a local price bottom for Ether, based on historical chart patterns, while others believe Ether could be set for a further downtrend against Bitcoin. The debate continues on whether this is the bottom or more pain ahead for the second-largest cryptocurrency.

Source: https://cointelegraph.com/news/ethereum-40-month-low-bitcoin-bottom

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