Ether (ETH), the native token of the Ethereum network, has declined by approximately 25% against Bitcoin (BTC) since the beginning of 2024, reaching its lowest levels in 40 months. The outlook for Ether remains bearish in the coming weeks, particularly as the probability of Federal Reserve interest rate cuts in September rises. ETH/BTC and USD Correlation Grows A significant factor contributing to Ether’s bearish outlook is the increasing positive correlation between the ETH/BTC pair and the U.S. Dollar Index (DXY), which has dropped 5.35% from its 2024 peak. As of Aug. 26, the 30-day average correlation coefficient between ETH/BTC and