Analyst: ETH/BTC may fall another 30%! SEC approval of Ethereumstake won't save the decline

Both the technical and fundamental aspects of ETH/BTC indicate unresolved downward pressure, with a potential further 30% fall in the short term. Even if the SEC approves the ETF stake, it may not change the trend of market funds flowing into BTC. (Background: Longing 50x on ETHWhale and 'Get Liquidated' but profit $2 million! One person collapses Hyperliquid with a huge bad debt, what happened?) (Background: Is Ethereum beyond saving? All protocol revenue falls out of the top 20; analysts warn: the market sees ETH only as 'GasToken' rather than an asset) The Exchange Rate of ETH/BTC continues to fall sharply. Analyst Alessandro Ottaviani points out that the current trend of Ethercoin is in a 'falling knife' state, where the price falls rapidly without clear support, entering the market 'to catch the falling knife' might face even more severe losses. From a technical perspective, the Relative Strength Index (RSI) of ETH/BTC on the two-week chart has fallen to 23.32, hitting a historical low. Although an RSI below 30 usually indicates Oversold conditions, potentially leading to a short-term Rebound, the current fall of ETH has not eased due to the bottoming out of RSI, instead continuing to decline with persistent selling pressure. Alessandro predicts that if ETH/BTC fails to stabilize around 0.022 BTC, the next support range will be between 0.020 and 0.016 BTC, indicating that another 30% fall from the current price is not impossible. Two-week price chart of ETH/BTC. Source: TradingView Fundamentally, things are not looking good, as ETH's competitive advantage is diminishing. In addition to the unfavorable technical outlook, the fundamentals are also unfavorable for ETH. Recently, competitive public chains like Solana (SOL) have risen strongly. According to asset management company VanEck, Solana has surpassed Ethereum in Decentralized Exchange (DEX) volume, with its ecosystem developing rapidly, gradually eroding ETH's market share. According to Defillama data, Ethereum briefly fell out of the top 20 in Cryptocurrency ecosystem protocol revenue, dropping to 21st place, but then slightly rebounded to the current 18th place, generating $682,000 in fees in the past 24 hours, compared to actual revenue of only about $180,000. Losing to the 6th-ranked TRON Tron (with fees and revenue of $1.81 million in the past 24 hours) and the 15th-ranked Solana (with fees of $970,000 and revenue of $487,000 in the past 24 hours). Token Terminal data also shows that Ethereum's fee revenue so far this year is approximately $210 million, ranking seventh, behind Tether ($930 million), Tron ($630 million), Jito ($418 million), Circle ($381 million), Solana ($350 million), and Uniswap ($244 million). This highlights the fact that Ethereum, which has long been the most profitable participant in Cryptocurrency, is no longer in its heyday. SEC ETF stake policy? Market confidence is lacking Finally, a major Favourable Information that the market is following – will the U.S. Securities and Exchange Commission (SEC) approve an ETH ETF and related stake mechanisms? Some investors hope that this move will boost demand for ETH and halt the downward trend. However, some pessimistic market views believe that even if the SEC approves the ETH stake ETF, it may not effectively boost the price, as the fundamental problem with ETH currently lies not in the ETF, but in competitors growing faster than itself, and the market capital flowing significantly towards BTC. Data shows that as of today (13th), the ETH/BTC Exchange Rate has fallen to 0.02255, a daily decrease of 1.18%, hitting a near five-year low. From a market structure perspective, the downward trend of ETH/BTC is unlikely to reverse in the short term, and investors should beware of the risk of further falling below support. Related reports: Is Ethereum beyond saving? All protocol revenue falls out of the top 20; analysts warn: the market sees ETH only as 'GasToken' rather than an asset Longing 50x on ETHWhale and 'Get Liquidated' but profit $2 million! One person collapses Hyperliquid with a huge bad debt, what happened? Community craziness: Voting to delist ETH! Coins come and go with coin governance, making Ethereum a target for attacks (Analyst: ETH/BTC may fall another 30%! SEC approval of Ethereum stake cannot save the decline) This article was first published on BlockTempo, the most influential blockchain news media.