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Ethereum loses key support level as ETH price falls to two-month lows against Bitcoin

coinnewsdaily by coinnewsdaily
October 13, 2021
in Bitcoin, Ethereum
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ethereum loses key support level as eth price falls to two month lows against bitcoin
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Ether (ETH), Ethereum’s native cryptocurrency, gained more than 15% in the first 12 days of October. However, when measured against Bitcoin’s (BTC) 30% growth during the same period, the second-largest cryptocurrency is currently in a downturn when measured against BTC.

So far in October (and the fourth quarter of 2021), the ETH/BTC exchange rate has fallen by more than 13%, reaching 0.060215 BTC on Oct. 12 for the first time in more than two months.

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ETH/BTC daily price chart. Source: TradingView

Additionally, the decline pushed ETH/BTC below one of the pair’s longest-standing support levels, the 200-day exponential moving average (200-day EMA; the orange wave), as illustrated in the chart above. This increases the danger of further downside, with the next possible goal being 0.055304 BTC.

Bitcoin dominance rises on ETF hopes

Additional indication of ETH/fragility BTC’s came from Bitcoin’s growing market domination.

The Bitcoin Dominance Index, which compares the flagship cryptocurrency’s market capitalisation to the rest of the cryptocurrency market, increased from 42.39 percent on Oct. 1 to 46.64 percent on Oct. 12. Ether’s dominance, on the other hand, decreased from 18.15 percent to 17.57 percent within the same period.

analyst
Bitcoin dominance index daily chart. Source: TradingView

This indicates that more capital has been invested in Bitcoin than in altcoins thus far in October.

The ascension of Bitcoin coincided with hopes that the US Securities and Exchange Commission will approve four Bitcoin-based exchange-traded funds (ETFs) within weeks. Global X Bitcoin Trust, Valkyrie XBTO Bitcoin Futures Fund, WisdomTree Bitcoin Trust, and Kryptoin Bitcoin ETF are among the applicants.

Gary Gensler, chairman of the Securities and Exchange Commission, hinted at a hopeful conclusion for Bitcoin ETFs, despite the SEC rejecting identical petitions for eight consecutive years. However, Gensler observed that the Bitcoin ETF applicants this time filed under the Investment Company Act of 1940, which provides greater investor protection.

Earlier this week, two “light” Bitcoin ETFs, Invesco Alerian Galaxy Crypto Economy ETF (SATO) and Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF, began trading in the United States (BLKC). The funds, however, invest more than 80% of their assets in cryptocurrency-related enterprises, not in Bitcoin itself.

applications
SATO ETF 15-minute price chart. Source: TradingView

Additionally, the SEC approved a third crypto equities ETF. The Volt Crypto Industry Revolution and Technology ETF (BTCR) will invest in companies that have a majority of their net assets in bitcoin or earn a majority of their revenue from bitcoin mining, lending, or transacting.

Bitcoin to go “insane?”

James Seyffart, an ETF analyst with Bloomberg Intelligence, said the news would be “very bullish” for Bitcoin. Similarly, independent market analyst Lark Davis also predicts “insane” market reactions should the SEC approve a Bitcoin ETF having exposure to actual BTC.

I don’t think people are fully prepared for how insane the markets will go once we get a #bitcoin ETF approved!

— Lark Davis (@TheCryptoLark) October 8, 2021

Thus, speculation about the legalisation of Bitcoin ETFs appears to have increased traders’ interest for the top cryptocurrency in recent days, with BTC outperforming its closest rivals, including Ether.

Nonetheless, Ethereum has a robust decentralised application ecosystem and continues to be a driving force in the developing decentralised finance and nonfungible token industries.

According to David Gokhshtein, founder of Gokhshtein Media and PAC Global, Ethereum’s healthy network effect might propel Ether above $10,000 by the end of the year. Meanwhile, the continued supply constraint in the Ether market should continue to be a big talking point for bulls in the coming months.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of CoinNewsDaily. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Tags: AltcoinsBitcoin Futures Fundbitcoin miningBloomberg IntelligenceBTCcrypto productsCryptocurrencyDecentralized financeETFETHETH priceEtherEthereumGary GenslerGlobal XGokhshtein MediaLark DavisLendingminingSecurities and Exchange CommissionTokenTradingUnited States Securities and Exchange CommissionValkyrie XBTO Bitcoin Futures Fund
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