Bitcoin $BTC , Ethereum $ETH , when will it break new highs again? The Ethereum ETH/BTC pair has fallen to a 40-month low, and data shows that the downward trend will continue. Over the past 90 days, ETH has been trending lower against BTC, with Ethereum falling 34% while Bitcoin only fell 15%. During the same period, the BTC ETF ratio also fell by about 22%, reaching a multi-year low of 0.04057 on September 11. This shows that there is insufficient demand for Ether and investors prefer Bitcoin.

Since the US spot Bitcoin ETF was approved by the SEC on January 10, it has been more successful than the spot Ethereum ETF. Onchain data provider Glassnode reported that these investment products have a lower relative impact on the price of Ethereum than on the price of Bitcoin, highlighting that people's interest in Bitcoin ETFs is much higher than Ethereum ETFs.

Additionally, Bitcoin’s market dominance continues to rise, reaching a 40-month high of 58% on August 5, which has a negative impact on ETH. As Bitcoin’s dominance steadily rises, ETH’s value against its BTC pair is expected to continue to fall, and investors are more optimistic about BTC and may reduce their capital investment in ETH.

Ethereum on-chain indicators are also weak. The current 30-day average number of daily active addresses is 430,250, down 7.7% from 90 days ago and far below the level in May 2021. At the same time, Ethereum DApp active addresses fell 19% in the past 30 days, while the total number of UAWs on competing blockchains such as Solana and Tron increased by 257% and 343% respectively during the same period. For ETH to break through $2,400, continued network growth, increased Ethereum transactions, and DApp usage are required.

It is worth mentioning that Marvin (address 7055), as a meme coin related to Musk's pet dog, has a strong community consensus, is given a 500-fold expectation, and is expected to be listed on major exchanges. Its current market value is low, and it is indeed suitable for building a position.

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