The post Bitcoin Hits New ATH as Ethereum Struggles to Keep Pace appeared first on Coinpedia Fintech News
Bitcoin recently set a new all-time high (ATH) of $75,337, largely fueled by Donald Trump’s win in the U.S. presidential election. This political shift appears to have supported Bitcoin’s momentum, while other cryptocurrencies, like Ethereum, have struggled to mirror this success. Meanwhile, ETH remains 50% below its all-time high of $4,876, which was last reached during the 2021 bull run.
Ethereum’s Lackluster Performance
Ethereum (ETH) has had a rough year, making any positive move seem unlikely for Ether. The anticipated ETF launches in July were expected to ignite a bull run, but instead, Ethereum experienced negative outflows, causing its price to drop by 30%.
While Bitcoin is reaching new heights, Ethereum has been moving in a downward price channel. Despite a generally positive market, Ethereum lacks the push needed for a big breakout. The daily charts show a steady downtrend, and every attempt to rise has been met with heavy selling.
Currently, Ethereum faces a strong barrier around $2,650, the upper boundary of its current downward channel. If it manages to break above this point, it could start to gain some strength, but another challenge waits at $2,750, where past rallies have stuck.
Ethereum Faces Selling Pressure
In recent months, Ethereum has faced steady selling pressure, especially from large holders, making it hard to move up. Since late summer, Ethereum has struggled to hold important price levels, which has led to a more discouraging outlook, especially compared to Bitcoin’s steady rise.
This difference shows how the market is focused on Bitcoin’s strong momentum, leaving Ethereum in a difficult position, unable to keep up. For now, Ethereum’s future seems unclear unless the market starts to favor it more.
Ethereum: Will It Rise or Fall?
Ethereum is currently standing at a crucial point, if it fails to break past the $2,620 resistance, it might start to drop again. The first level of support on the downside is around $2,520, followed by stronger support near $2,500.
If the price falls below $2,500, it could drop further to around $2,450. A bigger decline could push it to the $2,320 support level, with the next major support at $2,350.
However, if Ethereum breaks above the $2,720 resistance, it could signal more gains. In that case, Ether might rise towards the $2,750 resistance zone.