Ethereum Faces Bearish Outlook as Price Patterns Mirror BlackBerry's Collapse

Ethereum's price trajectory is under scrutiny as historical chart patterns suggest a bleak future for the largest altcoin. The ETH price chart against Bitcoin and Ripple (XRP) exhibits a striking resemblance to BlackBerry’s collapse against Apple in the early 2000s. This similarity indicates a bearish outlook for Ethereum, raising concerns about its future performance.

The ETH price chart against its top competitors, Bitcoin and XRP, suggests that Ethereum could be in trouble. This is after the altcoin breached the lower trendline of the symmetrical triangle pattern on the ETH/BTC and ETH/XRP price charts. This pattern mirrors how BlackBerry performed against its top competitor, Apple, in the early 2000s. As Apple gained market share, BlackBerry’s performance dwindled, and after BB/AAPL made a bearish breakout from the symmetrical triangle pattern, it never recovered. If Ethereum follows this pattern, the price could be on the verge of a major drop. Additionally, ETH is about to close one of its worst Q1s in history with consistent monthly drops since the year began. With an Ethereum selling spree pushing the price down, ETH could fail to recover in the near term.

Bitcoin’s rising dominance and institutional interest have been weighing on the Ethereum price. ETH/BTC has fallen to 0.02287, marking its lowest level since early 2021. ETH/BTC could be on the verge of another drop after forming a rounding top pattern, suggesting that the broader trend had flipped from bullish to bearish. ETH could continue dropping within this pattern to the neckline of $0.016. Meanwhile, XRP/ETH has surged to 0.00125, marking its highest level since March 2020. This follows a massive XRP price rally in late 2024. Moreover, as institutional interest in Ripple rises, this altcoin could continue to outperform Ethereum. One of the factors causing Ethereum price to underperform against Bitcoin and XRP is a lack of demand from institutions. Spot ETH ETFs have seen significant outflows, weakening demand and posing challenges for the price of ETH.

Data from Santiment reveals that the crowd sentiment on Ethereum has declined significantly, and currently shows that traders are extremely fearful. However, according to the on-chain analytics platform, the current sentiment hints at a potential breakout. Historical trends show that when the market sentiment is negative, it often triggers a recovery for the Ethereum price. If this drop marks a local bottom, it could push ETH price higher and possibly precede a bullish reversal. As historical patterns hint at a bearish Ethereum price prediction, the question remains: how low will it go?