According to BlockBeats, the ETH to BTC exchange rate is close to the key position of 0.016, which previously triggered a 450% surge in 2019. The current exchange rate is about 0.019 BTC, with a technical structure similar to 2019, and the RSI is oversold, below key moving averages.
Chart analyst Jimie points out that ETH/BTC is attempting to break through the bearish parabolic resistance formed since 2021. If it fails, it may drop to 0.016 BTC; if successful, it could start a new upward cycle. Adam Back criticized Ethereum's design flaws and suggested selling ETH to buy Bitcoin.
Ethereum's decline is due to doubts about the PoS transformation, the rise of competing public chains, and the strengthening of Bitcoin's dominance. Vitalik Buterin proposed a new architectural protocol aimed at improving Ethereum's simplicity and maintainability within five years, and analysts believe this proposal is beneficial for ETH.
