Will the introduction of an Ethereum ETF help prevent ETH price from reaching its lowest point in 3 years compared to Bitcoin?

The current dip in the price of ETH presents a favorable opportunity for both short and long-term investors ahead of the launch of Ethereum ETFs in Hong Kong. The price of Ether in Bitcoin is nearing a three-year low, but there are several technical indicators suggesting potential gains for ETH/BTC. Since switching to proof-of-stake in September 2022, the price of Ethereum in USD has more than doubled, but it has declined by about 33% when priced in Bitcoin. In the past month, ETH/BTC has continued to slump, reaching its lowest point since May 2021. However, the relative strength index (RSI) indicates that Ether is no longer overbought. Traders should monitor the $3,200 and $3,170 levels, as a drop below these levels could trigger significant liquidations. Despite underperforming Bitcoin in USD terms this year, Ether could be setting up for a rally with the approval of Bitcoin and Ether ETFs in Hong Kong. Analysts believe that Ether’s current price levels represent a good buying opportunity, especially considering the potential developments in the market. However, Ether will need a catalyst like an Ethereum ETF to reverse its downward trend and catch up to Bitcoin. As always, readers should conduct their own research and exercise caution when making investment decisions.