Ethereum’s native token, Ether (ETH), registered four consecutive red monthly candles after the altcoin dropped 18.47% in March. The altcoin’s current market structure reflects a sustained bearish trend not seen since the bear market of 2022.
With each monthly close taking place below the previous month’s low, analysts are beginning the debate about whether ETH is approaching a bottom or if there is more downside ahead for the altcoin.
Ethereum/Bitcoin ratio hits new 5-year low
On March 30, the Ethereum/Bitcoin ratio dropped to a five-year low of 0.021. The ETH/BTC ratio measures ETH’s value against Bitcoin (BTC), and the current decline underlines Ether’s underperformance against Bitcoin over the past five years.
In fact, the last time the ETH/BTC ratio dipped to 0.021, ETH was valued between $150-$300 in May 2020.
Ethereum/Bitcoin 1-month chart. Source: Cointelegraph/TradingView
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