2025-05-04 Today
1h ago
According to Cointelegraph, on May 4, according to Cointelegraph, the exchange rate of ETH against BTC is approaching a key position of 0.016 - this level triggered a subsequent 450% surge in ETH/BTC in September 2019. The current technical structure of the ETH/BTC exchange rate (approximately 0.019 BTC) is highly similar to that in 2019, with the Relative Strength Index (RSI) in the oversold area, and the exchange rate continues to fall below the key moving average. Ethereum fell 90% by the bursting of the ICO bubble by 2019, while currently down 80% from its 2021 peak. Chart analyst Jimie noted that ETH/BTC is trying to break through the "bearish parabola" resistance formed in December 2021. If the breakthrough fails, the exchange rate may drop to 0.016 BTC (bottom of 2019), and if it succeeds, a new round of upward cycle may be started. Adam Back, an early Bitcoin developer, criticized that the Ethereum account system has fundamental design flaws, and the PoS transformation has led to the concentration of power on the large-scale coin holders. He bluntly said, "It's better to sell ETH before returning to zero and buy Bitcoin." This round of Ethereum decline is mainly due to market doubts about Ethereum's shift to Proof of Stake (PoS), the rise of competitive public chains, and the enhanced dominance of Bitcoin as an institutional asset. To meet the challenges, Ethereum co-founder Vitalik Buterin recently proposed a new architectural protocol, which plans to make Ethereum reach Bitcoin-level simplicity and maintainability within five years. Analysts believe that the proposal poses a major benefit to ETH.
BTC
-0.60%
ETH
-0.07%
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