ETH price nears 3-year lows vs. Bitcoin — Will an Ethereum ETF stem the tide?

The current ETH price dip could present a good buying opportunity for short and long-term investors ahead of the Hong Kong Ethereum ETFs.) is nearing a three-year low. However, several key technical indicators are flashing bullish, and some analysts are anticipating potential gains ahead for ETH/BTC.in September 2022. But the picture is very different when priced in Bitcoin as the ETH/BTC pair is down roughly 33% since the Merge.

More recently, ETH/BTC has continued slumping, losing over 9% in the past month with a drop to 0.048 BTC. The last time the trading pair was this low was in May 2021, according toEther price fell over 11% during the past week to $3,239, pushing the relative strength index to 44 on the daily time frame, down from the 85 reached on March 11. This suggests that Ether is no longer in"overbought" territory.

Traders should keep an eye on the $3,200 psychological mark, which would liquidate over $97 million worth of leveraged short positions. A move further down to $3,170 would liquidate over $329 million worth of short leverage across all exchanges, according toEther price has been underperforming Bitcoin’s price this year in U.S. dollar terms. Bitcoin is up 49% year-to-date , while Ether is up 36%.

The focus on Bitcoin ETFs, combined with the high transaction costs on the Ethereum network, has taken the spotlight off Ether, according to Jonathan Caras, the head of communication at Levana perpetual futures protocol.“Ethereum will need a catalyst to catch up, either from its own ETF or some other method of promoting institutional adoption in order to reverse the downward relative trend.”This article does not contain investment advice or recommendations.

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