According to BlockBeats, FxPro senior analyst Alex Kuptsikevich said that the activity of Ethereum developers was the reason for the rise of ETH, but by the end of 2023, the trend turned to Bitcoin as the prospect of ETF became prominent.
The launch of the Ethereum ETF failed to attract similar buying interest as the Bitcoin ETF, instead resulting in net outflows and failing to reverse the downward trend in the ETH/BTC exchange rate.
The ETH/BTC exchange rate could fall further into the 0.02-0.03 range. This is surprising considering the positive sentiment towards altcoins in the months following the Bitcoin halving and their high beta coefficient with US stocks.
