Ethereum In Hot Water? ETH Breaches 8-Year BTC Support, Solana is Up 925% Since 2022

Indeed, the past 24 hours provide little comfort. While Solana continues on its recent trajectory, up 1.38%, the ETH price appears to have been left by the wayside, down 1.15%.

This margin only grows wider when looking at the week’s performance, revealing a slow downward spiral for Ethereum, down 1.91%, while Solana has seen a substantial 8.47% uptick.

The early November momentum seems to be waning as traders seemingly look elsewhere. The altcoin’s trading volume has dipped a further 16.5% to $25 billion over the past 24 hours.

ETH Price Breaches 8-Year Support: Why a 50% Dip could be Next

For the first time in 8 years, the ETH/BTC pair has breached below a support trendline which has marked lows since 2016.

ETHBTC just broke an 8-year trend pic.twitter.com/7lWHRfRuha

— Rajat Soni, CFA (@rajatsonifnance) November 15, 2024

Tuur Demeester, founder of Bitcoin hedge fund Adamant Capital, encapsulated this sentiment, stating, “Ethereum is dying a slow death” in a recent X post.

This outlook is intensified by Ethereum’s apparent fall from favor among traders this cycle. Since December 2022, the SOL/ETH pair has skyrocketed by over 925%—a telling sign that Ethereum’s dominance over the DeFi ecosystem is eroding.

It’s not just the fundamentals that are concerning for Ethereum, technical indicators also paint a bearish picture. The ETH/BTC pair continues in its breakout of an inverse cup-and-handle pattern, representing a temporary pause in a prevailing downtrend.

Should this pattern fully materialize, the target level could drop as low as 0.017 BTC, setting an ETH price target of $1,561.26 going into 2025. This floor would re-establish a historical support zone from August 2019 to January 2020.

While there does stand a chance for an early exit from the pattern at the 0.03318 BTC support, it seems unlikely to hold as the MACD matains its position below the signal line.

Despite repeated attempts at a crossover, Ethereum’s current downtrend appears too strong to mount any significant upwards momentum.

Ethereum Still Has Potential: Here’s How to Make the Most of It

Indeed, with these seemingly damning developments for the ETH price, runner-up Solana certainly seems like an appealing prospect.

However, the Ethereum ecosystem itself holds greater opportunities for those looking to maximize their gains potential. Fortune favors the bold, and Ethereum-based meme coins have been seeing exponential growth as the “meme coin supercycle” sentiment takes hold.

Among them, Crypto All-Stars ($STARS) stands out as a unique opportunity by pioneering the industry’s first meme coin staking platform.

The MemeVault brings together the entire meme coin community under the Crypto All-Stars umbrella, staking to earn rewards in the project’s native token, $STARS.

One to unite them all 👾 pic.twitter.com/c0DgSHbFQM

— Crypto All-Stars (@all_stars_coin) October 22, 2024

This allows the most dedicated meme coin holders to stay true to their favorite coins while capitalizing on the gains staking offers. Something which may be credited to its instant success, raising alost $4.5 million in its presale already!

This confidence is bolstered by STARS’s commitment to transparency, with two successful audits ensuring investor safety.

Beyond its pioneering approach to meme coin staking, $STARS itself offers one of the biggest passive income opportunities right now, with a substantial 408% APY. While the market has suffered under recent volatility, All-Star investors have been raking in consistent gains!

Join the Crypto All-Stars community on X and Telegram to stay up to date on the latest announcements.

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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.