The Ethereum price has been lagging behind Bitcoin in 2024 for several reasons. Firstly, Ethereum has faced resistance at the $2,500 mark, making it difficult for the price to break through this level. This has led to a struggle for Ethereum to maintain its value compared to Bitcoin.
Additionally, the $2,150 support level for Ethereum has been tested, raising concerns about whether it will hold. If this support level is broken, it could lead to further downward pressure on the price of Ethereum.
Technical analysis of Ethereum shows that it is facing pivotal resistance, indicating that the price may struggle to move higher in the near future. This resistance could be a major factor in why Ethereum has not been able to keep up with Bitcoin’s price performance.
Overall, the challenges facing Ethereum in 2024, such as resistance at key price levels and technical analysis indicating a struggle to move higher, have contributed to its lagging behind Bitcoin in terms of price. Investors and traders will need to closely monitor these factors to determine the future direction of Ethereum’s price.