It appears that poor Ethereum is quite miserably losing her footing to the ever-dashing Bitcoin, with the ETH/BTC ratio descending to a depth unseen for five long years.
CoinGecko, that ever-watchful observer of market follies, informs us that the ratio now languishes at a paltry 0.01787— a number last glimpsed in the innocent January of 2020. The decline is nothing short of precipitous: nearly 5% in a single day’s dalliance, 24% in one month, and an alarming 67% over the year. One might wonder if Ethereum has simply forgotten its dance steps.
The suitors— pardon, investors— have certainly taken note. While the noble Bitcoin has enjoyed a respectable ascent of roughly 34% over the year, poor Ethereum has lost half its value. Evidently, the crowd prefers a suitor who serves as a reliable store of value rather than one prone to fits of volatility and uncertainty.
Alas, despite recent accomplishments such as the Dencun upgrade (which sounds more like a Regency-era parlour game), Ethereum’s once-promising statistics have taken a turn for the worse. Network fees have plummeted to levels one might describe as “multi-year lows,” DeFi parties are thinning out, and the sprightly Solana and BNB Chain flit about, attracting admirers at Ethereum’s expense.
Moreover, Ethereum’s fondness for rollup-based scaling— rather like a complicated corset— has brought about unintended consequences. As more users escape to layer-2s like Base and Arbitrum, the Ethereum mainnet finds itself less frequented and, sadly, poorer in fees. Though these layer-2s do offer scalability, their short-term effect on Ethereum’s price is less than commendable. Add to that the pall of regulatory ambiguity and a dearth of fresh excitement, and one can almost hear the collective sighs of ETH holders.
Technically speaking, our heroine is presently gracing the ball at $1,587. The relative strength index, ever the fickle indicator, hovers just above 40, leaning towards neutrality with a most inscrutable expression. Should the bulls muster the courage to reclaim the 20-day moving average at approximately $1,618 and press beyond $1,650, there might yet be hope for a brief flirtation with bullish momentum.
A decisive leap over $1,700 could well open the parlour doors to a spirited rally towards $1,850. Yet, if Ethereum stumbles below the support at $1,550, a rather ungraceful slide to $1,440 might ensue. Though she remains a major player at the grand crypto ball, Ethereum’s current weakness in the eyes of Bitcoin’s admirers sets one to pondering: will the ETH suitors soon twirl her back into favour, or is this tête-à-tête destined to end prematurely?
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2025-04-22 11:15