Analysis: ETH/BTC is attempting to break through the resistance of the 'bearish parabola', with a technical structure highly similar to that of 2019

According to BlockBeats, on May 4th, Cointelegraph reported that the ETH/BTC exchange rate is approaching the critical level of 0.016- a level that triggered a subsequent 450% surge in ETH/BTC prices in September 2019. The technical structure of the current ETH/BTC exchange rate (approximately 0.019 BTC) is highly similar to that of 2019, with the Relative Strength Index (RSI) in oversold territory and the exchange rate consistently below the key moving average. Ethereum fell by 90% before 2019 due to the collapse of the ICO foam, while it is now down 80% from its peak in 2021. Chart analyst Jimie pointed out that ETH/BTC is attempting to break through the resistance of the "bearish parabola" formed since December 2021. If the breakthrough fails, the exchange rate may drop to 0.016 BTC (bottom of 2019), and if successful, it may initiate a new upward cycle. However, Adam Back, an early developer of Bitcoin, criticized that the Ethereum account system has fundamental design flaws, and the PoS transformation has led to a concentration of power towards large holders. He bluntly said, 'It's better to sell ETH and exchange for Bitcoin before zeroing out.'. This round of Ethereum's decline is mainly due to market doubts about Ethereum's shift towards Proof of Stake (PoS), the rise of competitive public chains, and the increasing dominance of Bitcoin as an institutional asset. In response to challenges, Vitalik Buterin, co-founder of Ethereum, recently proposed a new architecture protocol that aims to achieve Bitcoin level simplicity and maintainability within five years. Analysts believe that this proposal is a significant positive for ETH.