Ethereum looks to end 18-month losing streak vs. Bitcoin

Ether poses a threat to BTC price performance as Bitcoin lurches closer to $40,000.
Ether poses a threat to BTC price performance as Bitcoin lurches closer to $40,000.

Bitcoin (BTC) stayed near monthly lows into the Jan. 20 Wall Street open as Ether (ETH) faced key resistance.

BTC/USD 1-day chart. Source: TradingView

Bitcoin faces “staggering” sell-side pressure

Data from Cointelegraph Markets Pro and TradingView tracked ongoing BTC price weakness after a trip to $40,600 overnight.

This marked Bitcoin’s lowest levels since Dec. 18 amid an atmosphere of nerves as bulls repeatedly failed to reclaim lost ground.

Analyzing the status quo, Michaël van de Poppe, founder and CEO of MN Trading, joined a popular narrative calling for a BTC price floor in the mid-$30,000 zone.

“Perhaps we’re there already for Bitcoin, but it seems likely that we’ll test lower before we can have a reversal back up,” he wrote on X (formerly Twitter).

“My personal interest is between $36-40K to be accumulating more into Bitcoin. The range remains defined.”
BTC/USD annotated chart. Source: Michaël van de Poppe/X

Popular trader and analyst Rekt Capital continued the theory, arguing that Bitcoin was now fulfilling classic moves normally seen before block subsidy halvings. As Cointelegraph reported, this calls for a retreat over the coming month before the halving event in April.

Meanwhile, salesalso spiked during the latest dip, with a giant batch of 59,000 BTC moving on-chain for the first time in the last three to six months.

As noted by popular social media commentator Ali on X, these coins had an average acquisition cost of $26,000, resulting in a realized profit of nearly $900 million.

Previously, research also attributed the comedown from $49,000 last week to whale selling.

Crunch time for ETH strength as faith builds

Turning to altcoins, it was ETH/BTC on the radar as the pair faced a long-term downward trendline.

Related: Bitcoin daily RSI hits 4-month lows, with BTC price still up 70%

Having made swift advances against Bitcoin since last week, Ether passed 0.06 BTC before consolidating near that level, its highest since April 2022.

“This consolidation is occurring at a resistance trendline, above the 200-day moving average cloud,” Caleb Franzen, senior analyst at Cubic Analytics, wrote in part of his latest X analysis.

ETH/BTC chart with trend line data. Source: Caleb Franzen/X

An accompanying chart showed the trendline in place as resistance since September 2022.

Referencing other data, Franzen earlier this week predicted that ETH/USD would continue to beat BTC/USD going forward.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.