ETH Price Concerns Growing As Ethereum Fails To Capitalize On Trump’s Victory

While Bitcoin is just below its all-time high, Ethereum remains 36% away from its peak and doesn’t look like it will get any closer anytime soon.

Additionally, the ETH/BTC ratio, which measures the prices of Ethereum in Bitcoin, fell below 0.034 on November 17, according to Tradingview.

It is the lowest ratio since late March 2021, when BTC was trading around $57,000, while ETH calmed down at $1,700.

The return of FUD

This time, Bitcoin has risen to a new high above $90,000, but Ethereum has struggled to reach $3,300.

This has fueled the Bitcoin maximalists, who were once again bashing Ethereum. On November 18, chain analyst James Check said, “It seems that even people of great conviction are not asking me for ETH.”

“There doesn’t seem to be the demand that was there before and it seems like a loss of market share.”

His answer came from DeFi analyst “Ignas,” who said, “ETH will probably pump at the end of the cycle,” after observing a rotation in altcoins like Solana.

Meanwhile, Bitcoiner and investment expert Lyn Alden admitted to being a bear on Ethereum, adding that “the new post-election low in ETH/BTC is even more brutal than I expected.”

“An administration that is open to crypto wins the election. ETH/BTC jumps and then falls. New lows after good news. Phew.”

I’ve been kind of a polite long-term Ethereum boner, but ETHBTC’s new post-election low is even more brutal than I expected.

An administration open to crypto values ​​wins the election.

ETHBTC jumps and then falls. New lows after good news.
Phew.

— Lyn Alden (@LynAldenContact) November 17, 2024

Investor Mike Alfred called it “bogus” stating that the behavior was similar in the last cycle.

Several crypto traders responded that they were selling ETH for SOL. However, Solana’s current narrative is only driven by memecoin degens speculation.

Not everyone was so bearish. Trader “CrediBULL Crypto” told his 433,000 X followers on November 17 that he had completed his ETH position here. “Lower timeframes look constructive, and BTC is also at my ‘must hold’ level on lower timeframes,” he said before targeting ETH at $3,450, first before a second target of $4,100.

Recharged mine $ETH position here Low terms seem constructive and $BTC it’s also at my “must hold” level on low timeframes (based on recent tweets).

The first target is $3450, the second target is $4100. https://t.co/bc68FJJe7v pic.twitter.com/6WwU13wVMn

— CrediBULL Crypto (@CredibleCrypto) November 17, 2024

Where next for ETH?

ETH has been in a downtrend since hitting $3,400 on November 12th. It held at the $3,100 level during Monday morning trading in Asia, but would likely mirror Bitcoin’s moves this week.

While retail traders have fallen out of favor with Ethereum, institutional investors are still hungry for the asset. Last week, they invested $515 million in ETH spot ETFs in the United States.

The large inflow eventually outweighed the Grayscale exodus, turning the total aggregate net flow positive for the first time since the funds launched in July.

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