Ah, the lamentable fate of Ethereum, a once-mighty titan now reduced to a mere shadow of its former self, as it spirals into the abyss of backwardation, a term that sounds as ominous as it feels. The price, like a tragic hero, has plummeted against the US dollar and Bitcoin, leaving us to ponder the cruel hand of fate that has dealt such a blow.
Ethereum (ETH), in a moment of existential crisis, has crashed to a disheartening 0.023 against Bitcoin (BTC), a nadir not seen since the dark days of May 2020, a staggering 74% below its pandemic peak. One might say, “What a fall from grace!” 😱
In a similar vein of despair, the coin has descended to a low of $1,770, its lowest point since the autumn of 2023, a mere 57% from its December zenith of last year. The ongoing Ethereum price crash, a veritable Greek tragedy, is attributed to a multitude of factors: the relentless ETF outflows, the fierce competition from layer-1 and layer-2 networks, and the bitter truth that it is no longer the most profitable player in the crypto arena. How the mighty have fallen! 😂
Analysts at Kraken, those modern-day oracles, have discerned yet another reason for this calamity. In a note to crypto.news, the astute Alexia Theodorou, head of derivatives, proclaimed that ETH weekly linear futures have entered backwardation for the first time since the fateful August of last year. Meanwhile, Bitcoin futures, ever the stoic, remain in contango, a sign of its relative strength amidst the chaos. The statement reads:
“Ether’s linear weekly futures have entered backwardation for the first time since last August, reflecting growing bearish sentiment in the market and following a sharp 20% decline in the ETH price. Bitcoin’s futures remain in contango, suggesting relative strength in BTC amid broader market uncertainty.”
Linear weekly futures, those contracts that settle weekly, now seem to mock us with their straightforwardness. By slipping into backwardation, the futures price has fallen below the spot price, a harbinger of further declines. It is as if the market whispers, “Prepare for more sorrow!”
Conversely, contango, that elusive state where futures prices soar above current levels, suggests a brighter future for Bitcoin, as if it were the hero of this tragic tale, anticipating its own strength. How delightful! 😏
Ethereum vs Bitcoin price analysis
The weekly chart, a somber testament to the ETH/BTC price’s freefall over the years, reveals a grim reality: it languishes below all moving averages, a clear indication that the bears have taken control. Approaching the key support at $0.02350, it seems destined to revisit the lowest swing of December 20. What a fate!
The Average Directional Index, that popular indicator of trend strength, has climbed to 38, a number that suggests a strengthening trend, albeit one that leads to despair. The Relative Strength Index and the Stochastic Oscillator, those harbingers of doom, have plunged into oversold territory. Thus, it appears the token will continue its descent, as sellers set their sights on the next target at $0.0173, the lowest swing of December 2019. Truly, a tragic saga unfolds before our very eyes!
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2025-03-13 20:49