Analysis: ETH/BTC is attempting to break through the "bearish parabolic" resistance, and the technical structure is very similar to that of 2019.

BlockBeats News: On May 4, Cointelegraph reported that the ETH/BTC exchange rate is approaching the key level of 0.016 - a level that triggered the subsequent 450% surge in ETH/BTC in September 2019. The technical structure of the current ETH/BTC exchange rate (about 0.019 BTC) is highly similar to that of 2019, with the Relative Strength Index (RSI) in oversold territory and the rate consistently below the key moving average. Ethereum fell 90% before 2019 due to the bursting of the ICO bubble, and is currently down 80% from its peak in 2021. Chart analyst Jimie noted that ETH/BTC is trying to break through the “bearish parabolic” resistance that has formed since December 2021. If the breakout fails, the exchange rate may test 0.016 BTC (the bottom of 2019), and if successful, it may start a new upward cycle. Adam Back, an early developer of Bitcoin, criticized the fundamental design flaws in the Ethereum account system, and the PoS transformation has led to the concentration of power in favor of large coin holders. He bluntly said that “it is better to sell ETH for Bitcoin before zeroing”. The current round of Ethereum’s decline is mainly due to the market’s doubts about Ethereum’s shift to proof-of-stake (PoS), the rise of competing public chains, and the increasing dominance of Bitcoin as an institutional asset. In response to the challenge, Ethereum co-founder Vitalik Buterin recently proposed a new architecture protocol that aims to bring Ethereum to Bitcoin-level simplicity and maintainability within five years, which analysts believe is a major positive for ETH.