ETH to BTC Exchange Rate Approaches Key Level: Will Ethereum Break the Bearish Resistance?

On May 4th, COINOTAG relayed insights from Cointelegraph indicating that the ETH to BTC exchange rate is nearing a critical threshold at 0.016 BTC . Historically, this level catalyzed a remarkable 450% surge in the ETH/BTC pair back in September 2019. Presently, the ETH/BTC ratio, hovering around 0.019 BTC , mirrors the technical configuration from 2019, with the Relative Strength Index (RSI) positioned in the oversold zone and consistently falling below vital moving averages. Ethereum had previously experienced a drastic 90% decline post the ICO bubble, and it has subsequently retracted 80% from its peak in 2021. Notably, chart analyst Jimie highlighted that ETH/BTC is testing the limits of the long-standing “bearish parabolic” resistance established since December 2021. A failed breakout could see the exchange rate drop to 0.016 BTC , while a successful breach may signal a potential uptrend. Early Bitcoin developer Adam Back raised concerns regarding fundamental design vulnerabilities within Ethereum’s account infrastructure, stressing that the shift to Proof of Stake (PoS) may exacerbate power concentration among significant holders. He candidly recommended selling ETH for BTC before potential losses materialize. The recent decline in Ethereum’s price appears largely influenced by prevailing market skepticism toward its transition to PoS, the emergence of formidable competing blockchains, and Bitcoin’s ascendance as a leading institutional asset. In response, Ethereum co-founder Vitalik Buterin has introduced a transformative protocol architecture plan aimed at achieving Bitcoin-level simplicity and maintainability over the next five years, a proposal analysts view as a promising advancement for the Ethereum ecosystem.