Ethereum Slips Below $2K as ETH/BTC Ratio Hits 4-Year Low
Ethereum 's Value Declines Amidst Intensified Selloff, ETH/BTC Ratio at Lowest Since 2021
In the last 30 days, Ethereum's price has plunged by over 30%, reaching its lowest performance against Bitcoin since January 2021. This trend indicates potential sustained bearishness as selling pressure increases.
For most of February, Ethereum remained within a confined price range. However, after breaching the lower boundary of this range on February 25, it entered a decline. It is currently valued at $2,089, matching prices from December 2023. This decline has driven the ETH/BTC ratio down to 0.02, its lowest point since early 2021.
The ETH/BTC ratio reflects how many Bitcoin are needed to purchase one Ethereum. A decreasing ratio suggests that Ethereum is underperforming compared to Bitcoin. One factor contributing to this trend is the increase in Ethereum's circulating supply due to a reduced burn rate, adding downward pressure on its price.
According to data from Ultra Sound Money, more than 66,748 ETH tokens, valued over $140 million, have entered circulation over the past month. An increase in supply typically leads to a price decline, particularly when demand does not match this excess.
Potential Outlook: ETH Scrutinized as Bears Threaten Drop Below $2,000
On the daily chart, Ethereum trades beneath its long-term descending parallel channel's lower trend line, signaling increased selling momentum and risk of further price drops. Consequently, Ethereum may fall below $2,000 and approach $1,922.
However, should demand for Ethereum rebound, its price could potentially rise toward $2,223.
Disclaimer: The information provided in this article is for educational purposes only and should not be considered financial or legal advice. Always conduct your own research or consult a professional when dealing with cryptocurrency assets.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
XRP News Today: Institutional ETFs and Derivatives Indicate a Positive Shift for XRP Above Crucial Support Levels
- XRP rebounds above $2.20 as buyers defend key support, supported by $107.92M in ETF inflows and rising institutional confidence. - Technical analysis highlights a bullish "Staircase to Valhalla" pattern, with $2.26-$2.52 resistance levels and Fibonacci targets signaling potential for $2.69. - Derivatives data shows aggressive long-positioning (OI: $4.11B), with Binance's 2.56 long-short ratio and 57% options OI surge reinforcing bullish momentum. - Institutional ETF conversions (e.g., Grayscale Zcash) an
Why Switzerland's Temporary Halt on Crypto Highlights Worldwide Regulatory Disunity
- Switzerland delays crypto tax data-sharing until 2027, highlighting global regulatory fragmentation amid CARF adoption challenges. - Two-phase approach prioritizes domestic law alignment before reciprocal agreements with key economies like U.S., China, and Saudi Arabia. - 75 CARF signatories progress unevenly, with U.S. and Brazil proposing alternative frameworks, complicating cross-border compliance. - Swiss crypto firms face operational risks during transition, as critics warn of regulatory arbitrage b
Thailand’s Bold No-Crypto-Tax Move: Shaping a Future Southeast Asian Crypto Center
- Thailand imposes 0% capital gains tax on local crypto trading (2025-2029) to boost its digital economy and attract investors. - The policy aligns crypto profits with tax-exempt stock trading, supported by a 2024 Bitcoin ETF and Tourist DigiPay pilot for foreign visitors. - Regulatory caution is evident through biometric data shutdowns and PDPA compliance, balancing innovation with security amid regional competition. - Projected $1B annual economic gains aim to position Thailand as a top Southeast Asian c
The Transformation of Webster, NY: Targeted Property and Infrastructure Initiatives After the Xerox Era
- Webster , NY, secured a $9.8M FAST NY grant to transform the former Xerox campus into a shovel-ready industrial hub, part of Governor Hochul’s upstate revitalization strategy. - Infrastructure upgrades, including road and sewer improvements, aim to attract advanced manufacturing and logistics firms by reducing development risks and costs. - The Xerox campus redevelopment includes mixed-use projects, projected to create 250 jobs and boost property values through residential and commercial integration. - W
Trending news
MoreCrypto prices
More
