The Ethereum price has dropped to $1,100 and that gives many people the feeling that the bottom must have been reached by now. However, several new data points suggest that the king of altcoins may have some more sell-offs ahead. At the current price, we are 78 percent off the all-time high of $4,870 that we reached on November 10, 2021.
Ethereum loses the race of Bitcoin
More importantly for Ethereum, it lost more than 33 percent against Bitcoin between May 10 and June 14. The last time it made a similar price drop against Bitcoin was in the summer of 2021. However, that was when the “DeFi summer” started, in which Ethereum caught up a lot and managed to take some steps in the right direction.
