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Ethereum Struggles Near 5-Year Low Against Bitcoin: Can ETH Bounce Back Above $2,000?
The crypto market is witnessing a decline, with increased fear stemming from trade tensions and the effects of President Trump’s Bitcoin Reserve order. Ethereum, a leader in the altcoin sector, has seen a substantial decline, plummeting by nearly 14% over the past week. This downward trend has pushed its value beneath the critical $2,000 mark, hitting a multi-year low against Bitcoin. Investors are now left pondering whether Ethereum’s price will recover above $2,000 or continue on its bearish trajectory.
Ethereum’s Dominance Dives to 2020 Level
It is clear that Ethereum has been experiencing a significant downward trend, as reflected in the drop of open interest and substantial market liquidations. Recent data from Coinglass reveals that Ethereum has seen a total loss of $71 million in liquidations. This includes $44 million in losses from buyers and $27 million from sellers.
Furthermore, Ethereum’s open interest has taken a drastic hit, plummeting by 2% to approximately $17.65 billion.
Moreover, Ethereum’s performance against Bitcoin has been weakening, reaching its lowest point since May 2020 according to Trading View data. This decline signifies Ethereum’s decreasing strength compared to Bitcoin and implies the onset of bearish sentiment.
It is also worth noting that Ethereum’s market dominance has significantly decreased, now standing at a mere 8.6%, down from its previous levels of nearly 12%. This downward trend clearly illustrates a strong preference for Bitcoin’s stability and Solana’s promising future, making it more challenging for Ethereum to make a lasting impression.
What’s Next for ETH Price?
At present, Ethereum’s price is struggling below the key $2,000 mark. It is now facing intense downward pressure and battling with a critical resistance line. Currently, Ethereum’s price sits at $1,874, having fallen by 3.5% within the last 24 hours.
The 1-hour ETH/USDT chart reveals that the pair is just below the EMA20 trend line, posing a considerable obstacle. If Ethereum can manage to stay above this level, it could potentially drive the price back up towards $2,000. This could lead to a high of $2,530 in the future.
However, if it remains beneath the EMA20 line, sellers might push the price down further to around $1,772.
Despite this, the Relative Strength Index (RSI) at 45 suggests that there is still potential for recovery, indicating that there may be a considerable amount of buying interest at these lower levels.
