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Technical Analysis

Ethereum Hits Lowest ETH/BTC Ratio Since 2021 Amid Market Volatility

Ethereum Hits Lowest ETH/BTC Ratio Since 2021 Amid Market Volatility

On October 23, the ETH/BTC trading pair hit its lowest mark since April 2021, dropping to 0.0375 BTC, which is a 55% decline from its all-time high.

Market analyst Benjamin Cowen suggests that the next target might be around 0.036 BTC, predicting that this could mark the bottom of a prolonged downtrend expected to continue until early 2025.

Chartist Aksel Kibar has indicated that this downtrend might pick up speed, leading to increased volatility in the market. Meanwhile, Alex Thorn, head of research at Galaxy Digital, mentioned that the possibility of reaching 0.03 BTC remains on the table.

On the same day, Ethereum’s price dipped further following reports of the Ethereum Foundation selling another round of ETH tokens.


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The second-largest cryptocurrency has struggled to find its footing, particularly after the lackluster performance of several spot ETFs in the U.S.

However, co-founder Vitalik Buterin has outlined ambitious objectives for Ethereum’s future, including the goal of achieving 1,000 transactions per second as part of the “Surge” initiative.

Author
Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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