The ETH/BTC pair has fallen below 0.04, its lowest level since April 2021, marking a significant 53% decline since Ethereum’s September 2022 Merge update.
As Bitcoin dominance approaches 58%, the gap between the two leading cryptocurrencies continues to widen.
Cryptocurrency analyst MarktQuant explained that while Ethereum (ETH) is showing signs of minor recovery, the broader trend remains bearish. “ETH valuation has declined from -1.14 to -1.07 today. Despite the recovery, the trend remains neutral and bearish for now. We expect further consolidation in the near term as all our systems are short,” he said.
Regarding the ETH/BTC pair, the analyst noted a slight improvement in valuation from -1.19 to -1.16, but stressed that the pair is still in a strong downtrend. “We are closely monitoring trend systems for signs of a potential shift in momentum,” MarktQuant added.
Other pairs like SOL/ETH also showed marginal positive movement, with the valuation shifting from -0.11 to -0.08, but the pair remained neutral. “Momentum is building in many pairs, but caution is warranted as no major trend reversal has been confirmed yet,” MarktQuant concluded.
*This is not investment advice.
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Source: https://en.bitcoinsistemi.com/ethereum-bitcoin-parity-hit-its-lowest-level-in-the-last-three-and-a-half-years-here-are-the-latest-data/