Ether traders brace as ETH/BTC hits multi-year lows
Ether (CRYPTO:ETH) traders are on edge as the ETH/BTC trading pair plummets to levels not seen in over three years, sparking concerns of continued downside.
“ETHBTC with new multi-year lows at 0.03496,” noted Galaxy's head of research, Alex Thorn, on November 5.
This current ratio, now at approximately 0.035, marks the lowest point since March 2021.
“There’s no reversal in sight,” commented market analyst Zach Voell, expressing a cautious outlook for ETH’s recovery against BTC.
“Don’t let the election distract you from the fact that ETHBTC continues plummeting to new lows,” Voell added.
"ETH/BTC is going to drop more," stated crypto commentator Colin Talks Crypto, signaling expectations of further declines.
The last time ETH/BTC dropped to this level in March 2021, it rebounded sharply within two months, with Ether’s price surging by 120% to $3,928.
Some analysts see a potential for a similar pattern to play out.
“The coming pump will be epic,” suggested crypto analyst Benaiah, hinting at optimism for a rebound.
The U.S. presidential election, however, adds a layer of unpredictability.
Many traders expect Bitcoin (CRYPTO:BTC) to gain by year-end, which could weigh further on the ETH/BTC pair if Ether fails to keep pace.
“The latest spike in NetFlow could signal another period of heightened market activity, potentially a price correction or a sharp move based on trader positioning,” observed CryptoQuant’s Amr Taha.
He highlighted a recent movement of 82,000 ETH, worth approximately $200.49 million, into derivative exchanges on November 5, which may signal volatility ahead.
With election results on the horizon, Bitfinex analysts noted that the crypto market could see heightened volatility, warning of “big moves” or even a “deeper correction for Bitcoin on the lower timeframes.”
At the time of reporting, the Ethereum price was $2,573.57.
