BlockNews
  • Crypto
  • Finance
  • Politics
  • Memecoins
  • NFT
  • Technology
  • Opinion
No Result
View All Result
FOLLOW
BlockNews
  • Crypto
  • Finance
  • Politics
  • Memecoins
  • NFT
  • Technology
  • Opinion
No Result
View All Result
BlockNews

The Real Reason Why Ethereum is Lagging Bitcoin, and Why it Could Get Worse

by Sham
November 4, 2024
in Crypto, Opinion
A A
The Real Reason Why Ethereum is Lagging Bitcoin, and Why it Could Get Worse
4
SHARES
Share on TwitterShare on Reddit
  • Ethereum has been lagging behind Bitcoin’s rally by 50%, and a break below $2121 targets $700-1000 for Ethereum.
  • To start a more meaningful rally, Ethereum bulls need to push the price over $2800.
  • The analysis suggests that Ethereum’s price action may still be stuck in a more significant 4th wave correction, targeting $700-1000, before potentially staging its next bull run.

Ethereum has been lagging behind Bitcoin’s rally by 50%. Unless Ethereum bulls can push the price over $2800, a break below $2121 is likely to target $700-1000. Ethereum needs to start a more meaningful rally to catch up to Bitcoin’s gains.

JUST IN: The $ETH/ $BTC ratio is down 34% since the start of 2024 and has reached its lowest point since April 2021 😳 pic.twitter.com/LKBHxOf9we

— BlockNews.com (@blocknewsdotcom) November 4, 2024

Price Reflects Market Opinion

Ethereum vs Bitcoin Performance

Ethereum bottomed out on August 5 at $2121, just like Bitcoin. But that’s where the similarity ends. Since then, Ethereum has only gained 50% while Bitcoin has climbed 27%. Also, Bitcoin is just 2% away from its all-time high. In contrast, Ethereum still needs to rally 50% to reach its previous peak.

Lackluster Performance

Due to Ethereum’s lackluster performance, we have not provided any public updates. In our last analysis, we questioned whether Ethereum would reach $900 or $9000. Now $900 looks more likely unless Ethereum can break above and hold $2800. We don’t know why Ethereum is lagging, but the reason doesn’t matter. The price reflects the aggregate market opinion of Ether‘s value. Currently, that combined opinion has soured.

Failed Technical Breakout

Moreover, Figure 1 shows that Ethereum failed to clear the 2nd warning level for bears that we highlighted in September. After two months of sideways price action, Ethereum has gone nowhere.

Corrective Price Action

More Significant Correction

The overlapping price action suggests a correction is underway. As a result, it now seems likely August/September low was not a W-4 wave bottom. That means the March high was not a W-3 wave top either, but rather a W-C wave. This points to Ethereum still being stuck in a more significant 4th wave, targeting $700-1000 (see Figure 2).

Extensive B Wave Rally

In that case, the rally from the 2022 low of $833 to the 2023 high of $4092 was an extensive B wave. A final W-C wave to $700-1000 now looks to be underway to complete the correction. To confirm this, Ethereum needs to break below the August/September lows. Ideal bearish confirmation would be a break below $2800.

Conclusion

Our speculation on Ethereum’s lagging performance is irrelevant. The price action is what matters. We now have clear parameters to indicate whether Ethereum will rally more directly above $2800 or revisit triple digits below $2121 before advancing again. Only the price will tell.

Tags: all time highBitcoinBitcoin's rallyethereum
Tweet1ShareShare2

DON'T MISS THESE! HOT OFF THE PRESS

$PENGU on the Rise: Here Is Why All-Time Highs Are Coming Soon 
Crypto

$PENGU on the Rise: Here Is Why All-Time Highs Are Coming Soon 

May 16, 2025
UAE Sovereign Fund Boosts Bitcoin Exposure via $408M Investment in BlackRock ETF
Bitcoin

UAE Sovereign Fund Boosts Bitcoin Exposure via $408M Investment in BlackRock ETF

May 16, 2025
Russia’s Central Bank Declares Bitcoin as 2025’s Top Asset: Here is What You Need to Do
Crypto

Russia’s Central Bank Declares Bitcoin as 2025’s Top Asset: Here is What You Need to Do

May 16, 2025
Dogecoin Active Addresses Surge 990% Following Coinbase News: Is Now the Time to Buy?
Crypto

Dogecoin Active Addresses Surge 990% Following Coinbase News: Is Now the Time to Buy?

May 16, 2025
Analysts Predict XRP Price Could Hit $5 by November 2026 and Here is Why
Crypto

Analysts Predict XRP Price Could Hit $5 by November 2026 and Here is Why

May 16, 2025
Eric Trump Predicts Bitcoin Will Hit $1 Million Soon Amid Worldwide Accumulation Frenzy
Bitcoin

Eric Trump Predicts Bitcoin Will Hit $1 Million Soon Amid Worldwide Accumulation Frenzy

May 15, 2025
Load More

Related News

$PENGU on the Rise: Here Is Why All-Time Highs Are Coming Soon 

$PENGU on the Rise: Here Is Why All-Time Highs Are Coming Soon 

May 16, 2025
UAE Sovereign Fund Boosts Bitcoin Exposure via $408M Investment in BlackRock ETF

UAE Sovereign Fund Boosts Bitcoin Exposure via $408M Investment in BlackRock ETF

May 16, 2025
Russia’s Central Bank Declares Bitcoin as 2025’s Top Asset: Here is What You Need to Do

Russia’s Central Bank Declares Bitcoin as 2025’s Top Asset: Here is What You Need to Do

May 16, 2025
Dogecoin Active Addresses Surge 990% Following Coinbase News: Is Now the Time to Buy?

Dogecoin Active Addresses Surge 990% Following Coinbase News: Is Now the Time to Buy?

May 16, 2025
Analysts Predict XRP Price Could Hit $5 by November 2026 and Here is Why

Analysts Predict XRP Price Could Hit $5 by November 2026 and Here is Why

May 16, 2025
Discord Twitter Youtube TikTok Instagram

BLOCKNEWS.COM

BlockNews

BlockNews.com is your premier source for real-time cryptocurrency, blockchain, and financial market news.

Our mission is to deliver accurate, timely, and insightful information to help both seasoned investors and newcomers navigate the evolving digital economy.

With in-depth analysis, exclusive insights, and up-to-date news, BlockNews.com keeps you informed on the latest trends in crypto, DeFi, NFTs, tech, and beyond.

Stay ahead of the herd with BlockNews.com

RESOURCES

  • About
  • Contact Us
  • Terms and Conditions
  • Privacy Policy

POPULAR TOPICS

$ADA $XRP AI Avalanche Binance Bitcoin Bitcoin ETF blackrock Blockchain BTC Business Cardano China Coinbase Coinglass crypto cryptocurrency Crypto Exchange Crypto Regulation DeFi Dogecoin Donald Trump Elon Musk ETF eth ethereum Federal Reserve FTX grayscale Memecoin metaverse Microstrategy NFT NFTs PEPE ripple sec Shiba Inu Solana Stablecoin Technology twitter US Web3 xrp

GET QUICKER UPDATES ON X

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.

No Result
View All Result
  • Home
  • Crypto
  • Memecoins
  • Technology
  • Politics
  • Finance
  • NFT
  • DeFi
  • Opinion

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.