Ethereum Slides Near Three-Year Low Against Bitcoin Amid Crypto Market Pullback

ethereum (eth) is losing a key support level against its biggest crypto rival, bitcoin (btc), amid a broader crypto market sell-off that began on Monday.

• Data from TradingView shows that 1 eth is now worth less than 0.05 btc, trading for 0.04961 btc at the time of writing.
• The last time the eth/btc ratio traded this low was in January, after a brief sell-off in the cryptocurrency market after bitcoin ETFs went live.
• The last rare period in a similar ratio was when eth skyrocketed in April 2021, after which it rose to 0.078 btc in just over a month.
• The second-largest crypto asset has been steadily losing ground against bitcoin since mid-March, shortly before the latter reached a new all-time high above $73,000 and corrected over the following weeks.
• Both assets have remained relatively rangebound since then, while inflows into bitcoin spot ETFs have slowed considerably.
• Since Monday, bitcoin has declined from $71,200 to $65,300, while ethereum has plummeted from $3,600 to $3,250.
• Last week, Galaxy Digital head of research Alex Thorn predicted that eth/btc had yet to reach its yearly lows.
• He cited the upcoming bitcoin 'halving' as a bullish catalyst for btc, and potential ethereum ETF denials as a bearish signal for the latter.

• “There have been some hurdles here and there, but the trend is clear and intact at this point,” he said. twitter.com/intangiblecoins/status/1773009216107667566″ data-wpel-link=”external” target=”_blank”>wrote to twitter on Wednesday.

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