{"id":11082,"date":"2024-02-27T16:17:44","date_gmt":"2024-02-27T14:17:44","guid":{"rendered":"https:\/\/forklog.com\/en\/experts-highlight-risks-of-institutional-shift-from-ethereum-to-bitcoin\/"},"modified":"2024-02-27T16:17:44","modified_gmt":"2024-02-27T14:17:44","slug":"experts-highlight-risks-of-institutional-shift-from-ethereum-to-bitcoin","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/experts-highlight-risks-of-institutional-shift-from-ethereum-to-bitcoin\/","title":{"rendered":"Experts Highlight Risks of Institutional Shift from Ethereum to Bitcoin"},"content":{"rendered":"

The ETH\/BTC exchange rate has reached a historic turning point, potentially increasing the risk of a correction in the coming days. Analysts at Cointelegraph<\/a> have examined four reasons that could lead to such a scenario.<\/p>\n

Their assessments are based on the ambiguous technical picture of ETH\/BTC.<\/p>\n

Experts noted the RSI entering the overbought zone and the price returning to its highs since the beginning of the year. According to their observations, this combination resembles a fractal from January 2024, which led to an 11.65% drop in ETH\/BTC. They identified 0.058 as the initial target.<\/p>\n

\"1-930\"
Data: Cointelegraph.<\/figcaption><\/figure>\n

Technical analysis also suggests the formation of an ascending wedge pattern. Its confirmation would reflect a rollback of quotes to 0.053 (-10.85% at the time of writing). Such patterns are considered harbingers of a bearish reversal, the experts emphasized.<\/p>\n

\"2-723\"
Data: Cointelegraph.<\/figcaption><\/figure>\n

On the weekly timeframe, experts also found signs of a bearish reversal \u2014 quotes are still unsuccessfully trying to close above the multi-year resistance in the form of a descending trend line. The latter coincides with the 50 EMA<\/span> (marked in red).<\/p>\n

\"3-427\"
Data: Cointelegraph.<\/figcaption><\/figure>\n

Analysts doubt that the bulls’ efforts will succeed. In their view, there is a greater chance of a rollback to 0.051. From this level, sharp rebounds were observed in June 2022, October 2023, and January 2024.<\/p>\n

Experts also noted a decline in interest in the asset from whales. According to Glassnode, the number of holders of 1,000-100,000 ETH significantly decreased in February.<\/p>\n

\"4-272\"
Data: Glassnode, Cointelegraph.<\/figcaption><\/figure>\n

The capital of large investors may have shifted to digital gold, based on the dynamics of wallets with a balance of over 1,000 BTC.<\/p>\n

\"5-172\"
Data: Glassnode, Cointelegraph.<\/figcaption><\/figure>\n
\n

“This indicates increased interest in Bitcoin compared to Ethereum among institutions, which reinforces the bearish trend of ETH\/BTC in addition to technical factors,”<\/em> the experts concluded.<\/p>\n<\/blockquote>\n

Earlier, analysts at Bybit noted a sharp increase in the share of the second-largest cryptocurrency by market capitalization in the portfolios of major players (as of January 31).<\/p>\n

As reported in Glassnode, there was a recorded shift in capital towards Ethereum, Solana, and altcoins in general following the approval of spot Bitcoin ETFs.<\/p>\n","protected":false},"excerpt":{"rendered":"

The ETH\/BTC exchange rate has reached a historic turning point, potentially increasing the risk of a correction in the coming days. Analysts at Cointelegraph have examined four reasons that could lead to such a scenario. Their assessments are based on the ambiguous technical picture of ETH\/BTC. Experts noted the RSI entering the overbought zone and […]<\/p>\n","protected":false},"author":1,"featured_media":11081,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,46,1145,1268,1138,1253],"class_list":["post-11082","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-ethereum","tag-market-analysis","tag-on-chain-analysis","tag-opinions","tag-technical-analysis"],"aioseo_notices":[],"amp_enabled":true,"views":"7","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/11082","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=11082"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/11082\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/11081"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=11082"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=11082"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=11082"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}