Ethereum’s (ETH) recent gains, boosted by Greyscale’s victory over the SEC, have been wiped out. Now, the coin hovers near a pivotal trendline. With Bitcoin dropping below $26,000, Ethereum’s stability is in question. Without prompt bullish action, Ethereum could see a significant price dip. Will Ether price crash?
Factors Influencing Ethereum’s Price
On August 31st, the SEC delayed the approval of a Bitcoin ETF, leading to a sell-off in both Bitcoin and Ethereum. Earlier in the week, Grayscale Bitcoin Trust triumphed over the SEC in court. The SEC must now reevaluate Grayscale’s application for a Bitcoin ETF. This victory boosted Bitcoin prices by 5% and other cryptocurrencies followed suit.
Ethereum or Bitcoin: Who Leads?
Ethereum might be on the path to outshine Bitcoin. The ETH/BTC chart hints at a breakout from its falling wedge pattern, usually a bullish sign. If Ethereum breaks out, it could outdo Bitcoin by a 10% margin. Presently, the ETH/BTC ratio is at 0.063. A surge could push this past the 0.07 mark, especially if the 200-day moving average is surpassed.
Ethereum Price Prediction: Will Ether Price Crash?
Examining the ETH to USD ratio, Ethereum has been following an upward trend since June 2022. However, any decline below this trend could spell disaster for its price. If this happens, Ethereum could drop to the $1080 support line.
Additionally, patterns suggest an ascending triangle, often a bearish sign. If this pattern holds, Ethereum could plummet to $759, a 54% decrease from its current value.