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Saturday, May 18, 2024

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

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

  • Data from TradingView shows that 1 ETH is now worth less than 0.05 BTC, trading for 0.04961 BTC at writing time.
  • The last time the ETH/BTC ratio traded so low was in January, after a brief crypto market selloff after Bitcoin ETFs went live.
  • The last rare period at a similar ratio was when ETH skyrocketed in April 2021, after which it rallied up to 0.078 BTC within a little over a month.
  • The second-largest crypto asset has steadily lost ground to Bitcoin since mid-March, shortly before the latter tapped a new all-time high above $73,000 and corrected over the following weeks.
  • Both assets have been relatively rangebound ever since, while inflows to Bitcoin spot ETFs have slowed considerably.
  • Since Monday, Bitcoin has declined from $71,200 to $65,300, while Ethereum has tanked from $3,600 to $3,250.
  • Last week, Galaxy Digital Head of Research Alex Thorn predicted that ETH/BTC had not yet reached its yearly lows.
  • He cited the upcoming Bitcoin ‘halving’ as a bullish catalyst for BTC, and potential Ethereum ETF denials as a bearish sign for the latter.
  • “There’ve been some bumps here and there but the trend is clear and intact at the moment,” he wrote to Twitter on Wednesday.

ETH / BTC. Source: TradingView

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