In the last bull market, the exchange rate for BTC to ETH was 0.0883

In this bull market, the exchange rate for BTC to ETH is 0.0375

Yesterday, I asked a macro friend what the normal exchange rate for BTC to ETH is

He told me it is around 0.045, and it should be at a maximum of 0.06

This means that ETH is still in a severely undervalued state, and the price needs to reach previous highs to be considered a normal bull market state $BTC