According to Cointelegraph: Ethereum (ETH) has hit a 42-month low against Bitcoin (BTC), raising concerns about further downside potential. As Bitcoin dominance rises to 58%, some analysts believe Ether may be nearing a local bottom, while others warn of more losses.
The ETH/BTC ratio dropped to levels not seen since April 2021, sparking debate among experts. Alex Thorn, head of research at Galaxy, highlighted the 53% decline since Ethereum’s Merge in September 2022, asking, “What stops this train?”
Investor Fred Krueger believes Ether could face continued weakness against Bitcoin, noting that Ether exchange-traded funds (ETFs) have experienced $581 million in net outflows since launch. By contrast, Bitcoin ETFs have attracted substantial inflows, driving BTC’s price gains.
Despite the bearish sentiment, some analysts see a possible recovery. Crypto trader Anbessa suggested that the ETH/BTC ratio may have hit the bottom near 0.03845 BTC based on historical Fibonacci retracement levels, while investor Hedgex pointed to Ethereum’s oversold relative strength index (RSI) as a sign of a potential rally.
The market remains divided, with some expecting a recovery and others bracing for further losses.