Ethereum’s (ETH) price has struggled this month, with its ETH/BTC ratio close to its lowest level since early 2021, at approximately 0.036.
Ethereum’s “dominance” has also dropped by 6% from yearly highs, down to 13%—its lowest in three and a half years.
Bitcoin (BTC) has made substantial gains this month, nearing record highs in the $73,000s, while Ethereum’s price remains subdued.
Despite Bitcoin’s rally, ETH has held steady just below $2,600, staying within its three-month range of $2,200 to $2,800 and remaining roughly 37% below its peak above $4,000 earlier this year.
Underwhelming demand for Ethereum ETFs launched earlier this year and rising competition from rival smart-contract-enabled layer-1 blockchains (such as Solana) and layer-2 scaling solutions (like Polygon, Arbitrum, Base, and Optimism) have contributed to the market’s recent sluggish performance.
On-chain metrics, such as DEX trading volumes, have stagnated for most of the year following a brief uptick in Q4 of 2023.
Ethereum’s continued underperformance compared to major rivals has raised concerns this year.
However, momentum in the Bitcoin market has shown potential for a fresh breakout to new record highs.
With pro-crypto ex-US President Donald Trump favored to win next week’s US presidential election, analysts suggest a potential rally toward $100,000 by year-end, especially if the Republican Party sweeps Congress, against the backdrop of a strong US economy and an easing Fed stance.
Ethereum Price Nears Potential Breakout with Ascending Triangle Formation
A Bitcoin breakout could spark a new alt-coin rally, and traders who feel they “missed out” on Bitcoin may turn to undervalued plays with high catch-up potential, positioning Ethereum for gains.
With support from BlackRock and dominance in the DeFi space—holding a considerable portion of trade value locked (TVL) in smart contracts at around $48 billion, or more than half the total $90 billion across blockchains—Ethereum may still have strong fundamentals in its favor.
Ethereum has also formed an ascending triangle in recent months, building pressure for a potential break above resistance at $2,800.
Should Bitcoin reach $100,000, Ethereum might see gains that could bring it closer to its 2021 all-time highs near $5,000.
For investors considering established cryptocurrencies with long-term potential, Ethereum may present an appealing option.
Ethereum Alternative to Consider
While Ethereum may offer a promising 4-5x return over the coming years, some impatient and risk-tolerant investors may prefer tokens with stronger near-term potential.
Early entry into promising meme coins can yield substantial gains, with the potential for high returns.
One meme coin attracting attention at Cryptonews is Meme Bet (MEMEBET), a new Telegram/web-based crypto casino planning to be the first to enable users to wager with their meme coin holdings.
Meme Bet has seen strong interest during its presale, which recently surpassed $550,000 within a few weeks.
Watch Cryptonews’ in-house analyst Crypto Chester explain in the video below why MEMEBET is one of his top crypto picks to buy right now.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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By Nermeen Nabil Khear 
Trump • 66.1% chance
Harris • 33.9% chance
