Cryptocurrency News, Ethereum, News

Ethereum Price Falls To Two-Month Lows Against Bitcoin – Loses Critical Support Level.

For the first time since March 2020, the Ethereum trading pair (ETH/BTC) fell below its 200-day exponential moving average, suggesting the possibility of more losses.

Ether (ETH), Ethereum’s native cryptocurrency, increased by more than 15% in the first 12 days of October. However, as measured in BTC, the second-largest cryptocurrency is now in a decline, compared to Bitcoin’s (BTC) 30 percent advances in the same time span.

Ethereum Price Falls To Two-Month Lows Against Bitcoin - Loses Critical Support Level.

ETH/BTC Trading Chart – Source: Tradingview

The Ethereum trading pair (ETH/BTC) exchange rate has dropped by almost 12% so far in October (and the fourth quarter of 2021), touching 0.060215 BTC for the first time in more than two months on Oct. 12.

As illustrated in the chart above, the loss also drove ETH/BTC below one of its longest-standing support zones, the 200-day exponential moving average (200-day EMA; the orange wave). This increases the likelihood of more price declines, with 0.055304 BTC being the next probable objective.

Bitcoin’s growing dominance in the crypto industry provided more proof for ETH/vulnerability.

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

So far in October, more cash has flowed into the Bitcoin market than into altcoins. The rise of Bitcoin corresponded with predictions that the Securities and Exchange Commission (SEC) would approve four Bitcoin-based exchange-traded funds (ETFs) in the coming weeks. Global X Bitcoin Trust, Valkyrie XBTO Bitcoin Futures Fund, WisdomTree Bitcoin Trust, and Krypto in Bitcoin ETF are among the applicants.

Despite the SEC rejecting similar petitions for the past eight years, SEC Chair Gary Gensler expressed optimism for Bitcoin ETFs. This time, though, the Bitcoin ETF applicants registered under the Investment Company Act of 1940, which provides greater investor protection, according to Gensler.

Invesco Alerian Galaxy Crypto Economy ETF (SATO) and Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF began trading in the United States earlier this week (BLKC). The funds, on the other hand, put 80 percent of their money into crypto-related businesses rather than Bitcoin itself.

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