ethereum fell against bitcoin to its lowest point in three years amid the carnage that followed bitcoin's fall from $70,000 over the weekend. The eth–btc chart hit a low of 0.0462 btc on Saturday, April 13, down 24% from the year-to-date high of 0.085 btc.
ethereum's all-time high against bitcoin came in 2017, when it touched 0.16 btc before closing the year at levels similar to the current 0.048 btc. Since then, it recorded lows of around 0.018 btc in late 2019 before rising significantly during the 2020-2021 bull market.
The cycle peak of 0.088 btc was met with a steady decline throughout 2023, 2022, and 2024. The 0.05 btc level had been acting as a lower support level until it was breached this month. While the price remains within 7% of support, it has been almost three years since we saw these prices.
While ethereum remains below the 0.05 btc support level, it has recovered nearly 7% from its weekend lows, remaining relatively stable amid bitcoin's continued struggles. bitcoin fell from $70,000 to $61,700 over the weekend before recovering to $66,000. However, bitcoin has retested $61,700 and is trading around $62,000 at press time. Initially, ethereum followed bitcoin and dropped from $3,600 to $2,800; It has since consolidated around the $3,000 mark, helping it in its price war with bitcoin.
While the overall cryptocurrency market often follows bitcoin, much of the altcoin market follows ethereum. The eth–btc chart greatly influences the delicate relationship between digital asset price movements and is one of the staples of the industry. bitcoin dominance, another critical factor, hit a 3-year high this weekend, reaching 57%, while ethereum dominance fell to just 15% from a recent high of 19%.
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