ETH/BTC Price Momentum Weakens After Breaking Resistance Level
CryptoNewsTerminal Staff19 Sep, 2024
ETH/BTC Price Momentum Weakens After Breaking Resistance Level
Despite breaking out of its range lows on Sept. 16, the ETH/BTC pair has lost its upside momentum, according to Bitwise CIO Matt Hougan. This ratio measures the price of Bitcoin per 1 Ether. Hougan believes that ETH is likely to remain in a downtrend through 2025. However, he notes that the market may re-rate Ether higher as we approach the November election and gain clarity on cryptocurrency regulation. For now, he recommends a conservative approach until the end of the year. This news follows previous reports that indicated a potential breakout in the ETH/BTC pair. However, the recent loss of momentum suggests that traders should exercise caution before making any significant bets on the direction of this market. ```
