Ethereum hits a 3-year low compared to Bitcoin amidst widespread panic selling
Ethereum’s value plunged against Bitcoin to its lowest point in three years amidst the turmoil following Bitcoin’s drop from $70,000 over the weekend. The ETH-BTC chart hit a low of 0.0462 BTC on Saturday, April 13th, marking a 24% decline from its year-to-date peak of 0.085 BTC.
In 2017, Ethereum reached its all-time high against Bitcoin, touching 0.16 BTC before ending the year at similar levels to now, around 0.048 BTC. Subsequently, it experienced lows around 0.018 BTC in late 2019 before rallying significantly during the 2020-2021 bull market.
The cycle’s peak of 0.088 BTC was followed by a gradual decline throughout 2023, 2022, and 2024. The 0.05 BTC level had served as a lower support until it was breached this month. While the price remains within 7% of that support, it has been nearly three years since such prices were observed.
The descent has been steady since the beginning of 2023, with occasional bullish breakouts quickly stifled within a few months.
Although Ethereum remains below the 0.05 BTC support level, it has recovered nearly 7% from its weekend lows, maintaining relative stability amid Bitcoin’s ongoing struggles. Bitcoin’s price fell from $70,000 to $61,700 over the weekend before rebounding to $66,000. However, it has since revisited $61,700 and is currently trading at around $62,000.
Initially mirroring Bitcoin’s decline from $3,600 to $2,800, Ethereum has since consolidated around the $3,000 mark, aiding its price competition with Bitcoin.
While the broader crypto market often trails Bitcoin, much of the altcoin market trails Ethereum. The ETH-BTC chart significantly influences the intricate dynamics of digital asset price movements, making it a cornerstone of the industry. Bitcoin dominance, another critical metric, reached a three-year high over the weekend, hitting 57%, while Ethereum dominance plummeted to just 15% from a recent peak of 19%.
