The post Ethereum Declines to Lowest Level Against Bitcoin Since April 2021 Amid Ongoing Market Challenges appeared on BitcoinEthereumNews.com.

Ethereum has recently hit a significant low against Bitcoin, retracing to levels not seen since April 2021, marking a challenging phase for the cryptocurrency. The ETH/BTC pair experienced a dramatic decline, dropping 55% from its peak, which has raised concerns among traders and analysts about the future trajectory of Ethereum. According to Alex Thorn, head of research at Galaxy Digital, the current trends indicate that the ETH/BTC ratio could potentially test the 0.03 level, suggesting further instability ahead. Ethereum faces a critical challenge as it reaches record lows against Bitcoin, reflecting broader market pressures and ongoing volatility in the crypto space. Ethereum Hits Lowest Level Against Bitcoin Since April 2021 On October 23, the Ethereum (ETH) price against Bitcoin (BTC) sank to 0.0375 BTC, marking its lowest value in nearly three years. This significant drop highlights the ongoing struggles of ETH in the current market climate amid various external pressures. Notably, this price represents a decline of 55% from its all-time high. Market Analysis and Predictions for ETH/BTC Market analysts are closely monitoring the situation, with Benjamin Cowen predicting that the pair may head towards 0.036 BTC as part of a continuing multi-year downtrend. He suggests that this could mark a critical resistance level and that the market could only see stabilization by early 2025. Furthermore, chartist Aksel Kibar emphasizes that the trajectory could involve increased volatility, stressing that traders should remain cautious during this period. Alex Thorn’s insights add to the complexity of the situation, as he pointed out on social media that the potential for the ETH/BTC ratio to hover around the 0.03 mark remains plausible. This level could represent a critical moment for traders, as it aligns with broader sentiments regarding potential market recovery. Current Factors Impacting Ethereum’s Performance The downturn in Ethereum’s price can be partly…

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Filed under: News - @ October 24, 2024 8:26 am