Cryptocurrency, which gained value despite Bitcoin, became the new address for investors

Ether managed to double its price in dollar terms by switching to the proof-of-stake (PoS) system in September 2022. However, the situation against Bitcoin draws a different picture. ETH/BTC The pair has lost approximately 33% of its value since the Merge. In the last month, this rate reached 9% and dropped to 0.048 BTC. This situation was last seen in May 2021.

The price of Ether fell 11% last week to $3,239 and the Relative Strength Index (RSI) dropped to 44 on the Daily timeframe. This suggests that Ether is no longer in the “overbought” zone. RSI is a popular momentum indicator that measures whether an asset is oversold or overbought.

Cryptocurrency, which gained value despite Bitcoin, became the new address for investors

Investors should pay attention to the psychologically important $3,200 level. If it falls below this level, short positions worth $329 million are expected to be liquidated on all exchanges. Ether has lagged behind Bitcoin’s performance in dollar terms this year. While Bitcoin has gained 49% in value since the beginning of the year, Ether has increased by 36%. In the last three months BTC While it increased by 56%, ETH increased by 28%.

These observations suggest that Ether and Bitcoin It shows how different the dynamics between cryptocurrencies can be and how volatility experienced in cryptocurrency markets can create both risks and opportunities for investors. This transformation, especially after Ether’s transition to the PoS system, attracted the attention of investors and analysts. cryptocurrency It causes them to think more deeply about the future of their unit. This period is of critical importance, especially in terms of technical analysis and market indicators, and can be decisive on the long-term performance of Ether.