Ethereum Slides Near Three Year Low Against Bitcoin Amid Crypto Market Pullback

Ethereum (ETH) is losing a key support level against its biggest crypto rival, Bitcoin (BTC), amid a broader crypto market sell-off that began on Monday.

  • TradingView data shows that 1 ETH is now worth less than 0.05 BTC, trading for 0.04961 BTC at the time of writing.
  • The last time the ETH/BTC ratio traded this low was in January, after a brief sell-off in the cryptocurrency market after Bitcoin ETFs went live.
  • The last rare period in a similar ratio was when ETH skyrocketed in April 2021, after which it rose to 0.078 BTC in just over a month.
  • The second-largest crypto asset has been steadily losing ground against Bitcoin since mid-March, shortly before the latter reached a new all-time high above $73,000 and corrected over the following weeks.
  • Both assets have been relatively range-bound since then, while inflows into Bitcoin spot ETFs have slowed down considerably.
  • Since Monday, Bitcoin has declined from $71,200 to $65,300, while Ethereum has plummeted from $3,600 to $3,250.
  • Last week, Galaxy Digital head of research Alex Thorn predicted that ETH/BTC had yet to reach its yearly lows.
  • He cited the upcoming Bitcoin 'halving' as a bullish catalyst for BTC, and potential Ethereum ETF denials as a bearish signal for the latter.
  • "There have been some hurdles here and there, but the trend is clear and intact at this point," he said. wrote to Twitter on Wednesday.

ETH/BTC. Source: TradingView
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