Ethereum’s ETH/BTC Ratio Plunges: Signaling a Bearish Trend?

Ethereum is currently facing downward pressure as the ETH/BTC ratio has experienced a dramatic decline, signaling potential bearish trends. This sharp decrease reflects a drop from 0.08 in 2021 to an all-time low of 0.019. CryptoQuant data reveals this significant loss exceeding 75%, indicating a weakening market sentiment. Investors remain cautious and are hesitant to perceive this decline as a sign of recovery due to factors such as decreased network activity and reduced interest from institutional investors. 2023 has been marked by uncertainty, with the Ethereum ecosystem seeing declining MVRV (Market Value to Realized Value) metrics. ]