According to BlockBeats, the ETH/BTC exchange rate is close to the key position of 0.016, which triggered a 450% surge in 2019. The current exchange rate is about 0.019 BTC, and the technical structure is similar to that in 2019, with the RSI oversold and below the key moving average.
Chart analyst Jimie pointed out that ETH/BTC is trying to break through the bearish parabolic resistance formed since 2021. If it fails, it may drop to 0.016 BTC. If it succeeds, it may start a new upward cycle. Adam Back criticized the design flaws of Ethereum and suggested selling ETH in exchange for Bitcoin.
Ethereum's decline is due to doubts about the PoS transition, the rise of competing public chains, and the increasing dominance of Bitcoin. Vitalik Buterin proposed a new architecture protocol, which plans to improve the simplicity and maintainability of Ethereum within five years. Analysts believe that this proposal is good for ETH.
