Ethereum’s Ether has recently entered oversold territory multiple times against Bitcoin, yet has not shown signs of a price bottom indicative of potential recovery. The Relative Strength Index (RSI) on the 3-day timeframe remains below 30, historically signaling potential bounces, but previous instances have led to further declines instead. Since mid-2024, the ETH/BTC pair has faced significant losses over a series of breakdowns, indicating continued bearish momentum with the 50-day and 200-day EMAs trending lower. Outflows from US-based spot ETH ETFs have also been noted, with a 9.8% drop in net flows observed, alongside reduced mainnet activity. Despite some recovery in ETH prices, gas consumption has significantly decreased, pointing to lower demand. Current analysis indicates that the ETH/BTC pair may drop another 15%, forming a bear pennant pattern, suggesting further decline if the price breaches the established support.

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