Ethereum ETH $1,907.29 Bridged Ether (StarkGate) 4.12% Market capitalization $0.17 billion VOL. 24 hours $0.85 billion continues to weaken against bitcoin BTC $85,029.48 Bitcoin 2.77% Market capitalization $1.69 trillion VOL. 24 hours $1.67 billion , so analysts predict a further decline in the digital asset. on March 13, the ETH/BTC pair fell by 1.5%, reaching 0.022 BTC, the lowest level since May 2020. Since its peak of 0.156 BTC in 2017, the ether has fallen in price against bitcoin by more than 85%.
A key signal for the market is that the Relative Strength Index (RSI), which shows whether an asset is overbought or oversold, has fallen to a historic low of 23.32. This indicates that the downtrend is not only continuing, but accelerating. Some analysts describe the situation as a «knife fall,» meaning that attempts to buy the ether at current levels could lead to further losses.
If ETH/BTC starts to recover, the key resistance level will be 0.038 BTC. However, before that point, there is a risk that the ETH/BTC pair will fall to the range of 0.020−0.016 BTC, which would mean a potential decline of another 30%.
Ethereum’s problems are not limited to technical analysis. Competition from other blockchains, including Solana, is becoming increasingly fierce. According to VanEck, trading volumes on Solana’s decentralized exchanges SOL $125.66 Binance-Peg SOL 0.09% Market capitalization $0.14 billion VOL. 24 hours $0.48 billion have already exceeded Ethereum, despite the decline in meme coin activity. In addition, significant capital is invested in bitcoin through exchange-traded funds (ETFs), which reduces liquidity in the altcoin market.
External factors, such as the recent hacking of the Bybit exchange, which led to significant sales of ETH, put additional pressure on the ether. Some of the stolen assets were laundered through decentralized platforms, which could lead to a further decline in the price.
The situation remains volatile and traders should closely monitor support levels and general market trends before making investment decisions.