Many people only look at cryptocurrency prices measured in dollars or euros, but there are also many trading pairs with other major coins. You can also invest in Ethereum (ETH) using Bitcoin (BTC), but some analysts continue to reject this bearish. The ETH to BTC ratio is at its highest in 14 months.
Ethereum is falling against Bitcoin
This comes from data from TradingView. At the time of writing, the Ethereum price is around 1,530 euros, meaning that the price has barely changed in the last few days. But the Bitcoin price has risen slightly in the last few days. Furthermore, Bitcoin was already stronger than number two, and now the relationship between the two has reached a new low.
The ETH/BTC ratio has not been as low as it is now since July 2022. At the time of writing, you can buy 1 ETH for approximately 0.0604 BTC. This downtrend started back in September 2022 when you bought another ETH with around 0.0861 BTC. This means that the rate has already fallen by around 30%.
On social media, Benjamin Cowen of the YouTube channel Into The Cryptoverse explains that he predicts an even bigger crash.
“A more significant downward move…”
📺 pic.twitter.com/J1x7qgYDRJ– Into the Cryptoverse (@ITC_Crypto) September 19, 2023
Ethereum whales are bearish
There are several possible reasons for the decline. According to on-chain analyst Lookonchain, whales have sent tens of millions of dollars worth of ETH to crypto exchanges, suggesting they are about to sell.
What also didn’t help is that Ethereum co-founder Vitalik Buterin has 300 ETH sent to Kraken. With a value of less than $500,000, this is disproportionate to other whales’ transactions. But it could suggest that Buterin is also very pessimistic and thinks it is more important to sell than risk negative headlines.
The developers also failed to get a testnet running for Ethereum last week. This has no impact on the mainnet, but could have increased bearish investor sentiment.
