šØ ETH/BTC Ratio Hits New Multi-Year Lows ā Will Ether See More Downside? šØ
Ethereum traders are feeling the pressure as the ETH/BTC trading pair plunges to 0.03496, marking a new low not seen since March 2021. With Bitcoinās recent rally and potential post-election volatility, many analysts believe thereās āno reversal in sightā for ETH against BTC. Hereās a breakdown of whatās driving this trend and what could come next.
š ETH/BTC Ratio Hits Rock Bottom
ā¢ Current Ratio: 0.03496 ā the lowest since 2021.
ā¢ Market Sentiment: Analysts, including Galaxyās Alex Thorn, see no immediate signs of a recovery, while crypto commentator Colin Talks Crypto warns of further declines.
š Key Factors Impacting ETH/BTC:
1. Bitcoinās Surge: As Bitcoin hits new all-time highs amid election-related volatility, Ethereum is struggling to keep pace, widening the gap in the ETH/BTC ratio.
2. Large ETH Movement to Exchanges: On Nov. 5, 82,000 ETH ($200M) flowed into derivative exchanges, signaling potential selling pressure or increased volatility, according to CryptoQuantās Amr Taha.
3. Historical Bounce Potential: The last time ETH/BTC hit this level in 2021, ETH rallied 120% in two months. While some traders like Benaiah are hopeful for a similar comeback, the broader market sentiment remains cautious.
š” Whatās Next? More Downside or a Surprise Rebound?
With Bitcoin likely to see continued price gains amid election-driven excitement, ETH may struggle to outperform, which could push the ETH/BTC ratio even lower. However, historical patterns suggest that Ethereum has bounced back strongly from similar levels in the past.
Traders are divided ā will $ETH break the trend and rally, or is there more downside ahead? Keep an eye on BTCās movement and watch ETHās response closely. For now, expect volatility and prepare for potential price swings.
