Ethereum losing streak vs. Bitcoin hits 15 months — Can ETH price reverse course?

Bitcoin ETF and halving buzz have boosted BTC's demand versus its top rival, Ethereum.

Will it continue to weaken for the remainder of 2023? Let's take a closer look at the charts.The ETH/BTC pair dropped to as low as 0.056 BTC earlier this week. In doing so, the pair broke below its 200-week exponential moving average near 0.058 BTC, raising downside risks further into 2023.

The 200-week EMA has historically served as a reliable support level for ETH/BTC bulls. For instance, the pair rebounded 75% three months after testing the wave support in July 2022. Conversely, it dropped over 25% after losing the same support in October 2020.ETH/BTC stares at similar selloff risks in 2023 after losing its 200-week EMA as support. In this case, the next downside target looks to be around its 0.5 Fib line near 0.051 BTC in 2023, down about 9.5% from current price levels.

Conversely, ETH price may rebound toward its 50-week EMA near 0.065 BTC if it reclaims the 200-week EMA as support.Ethereum's persistent weakness versus Bitcoin is reflected in institutional capital flow data.Bitcoin price gets new $25K target as SEC decision day boosts GBTCThis article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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