ETH/BTC Plummets! Can Ethereum Claw Back or is it Game Over? 😂

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Ah, the cryptocurrency realm—a delightful circus where the most absurd dramas unfold under the banner of digital currency! Here we have Ethereum, the once-ubiquitous digital colossus, now a shadowy reflection of its former self, grappling with the encroachment of its sprightly rivals like Solana as the ETH/BTC ratio performs the limbo below 0.022. Can Ethereum still do the limbo, or has it miscalculated its dance steps?

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ETH/BTC Hits a Multi-Year Low

Alas! Ethereum (ETH), that illustrious waltzer of the cryptographic stage, is now contending with the cold, hard truth that patience, like vintage wine, has its limits. The unfortunate ETH/BTC ratio has plummeted to 0.022, an abysmal nadir last witnessed in December 2020, signaling a cryptographic cleanse of sorts.

From its proud perch of 0.085 in September 2022, Ethereum has effectively shed over 73% of its stature, now languishing at around $1,880—a decline so steep you’d need climbing gear to navigate it. In a dramatic twist of fate, while Bitcoin, the golden boy of the cryptosphere, experiences mere tremors with a 10% dip year-to-date, Ethereum’s 46% descent is more akin to a triple somersault gone wrong.

The plunging ratio is a harbinger of Ethereum’s waning sovereignty over the sacred realm of smart contracts—ah, the sweet blue-blooded days of yore, now supplanted by the likes of Solana and a roster of emerging challengers!

Let us embark on this whimsical adventure to unravel what calamities bespeak this imbalance—or if Ethereum is merely executing a cunning tactic in the grand game of cryptos.

Ethereum’s Metrics Show Signs of Softening

As of April Fool’s Day—how fitting—Ethereum’s total value locked limps at a measly $50.5 billion, capturing a mere 52.5% of the market. This is a far cry from the intoxicating 61.64% of February 2024, suggesting that perhaps Ethereum’s grip on decentralized finance is, shall we say, loosening like a pair of ill-fitted trousers after a hearty meal.

Competitors like Solana, who have burst onto the scene with the finesse of an unexpected punchline, have seen their total value locked soar from a humble 2.84% to 7.24%. Consequently, Ethereum’s ecosystem now seems to attract the contemplative spirit of yield farmers while Solana waves gregarious cheer to frenetic meme-chasers and audacious DeFi gamblers.

Meanwhile, the oft-maligned gas fees—historically Ethereum’s greatest enemy—have plummeted to 1.12 GWEI, comparable to a gentle tickle. Yet, paradoxically, Ethereum remains as pricey and sluggish as a tortoise in a marathon against a sprightly hare.

A clear drift in sentiment looms ominously. Indeed, according to that illustrious oracle, The Kobeissi Letter, short positions in Ethereum surged by an outrageous 40% in early February and have risen over 500% since November 2024. Bearish sentiment, it appears, has found a cozy home in Ethereum’s bosom.

The same exact trend is being seen in crypto.

Short positioning in Ethereum surged +40% in early-February and +500% since November 2024.

Never in history has Wall Street been so short of Ethereum, and it’s not even close.

However, retail investors continue to buy the dip.

— The Kobeissi Letter (@KobeissiLetter) March 20, 2025

To compound matters, Ethereum’s market dominance now languishes below 8.4%, an ignoble stain on its legacy. As noted by crypto mortgage aficionado Milocredit, this suggests that affluent capital is seeking alternate pastures—affectionately known as Bitcoin, Solana, and other sprightly newcomers.

Is the Bottom In?

Market analysts appear to be tossing proverbial darts at a board of outcomes for Ethereum’s fate, yet the chalk dust swirling around this debate seems to be painted more densely with risks than potential boons.

On a macro level, Ethereum continues to dance to the tempo of risk assets—imagine a partner who relies too heavily on your every move! According to Bloomberg’s enigmatic strategist Mike McGlone, “ETH remains closely correlated with risk assets,” suggesting that if equities lurch downward, so too might our beleaguered friend Ethereum.

Bloomberg strategist Mike McGlone noted that ETH remains closely correlated with risk assets. If U.S. equities continue to decline, ETH could fall further and potentially revisit the $1,000 level later this year. A recovery to $2,000 might signal strength for risk assets, but


— Wu Blockchain (@WuBlockchain) March 30, 2025

Should the stock market descend further in 2025 under the weight of high-interest rates and inflation’s stubborn grip, Ethereum’s price might plummet to the murky depths of $1,000—a grim reflection of its former glory, sporting a nearly 50% nosedive!

From a technical lens, Ethereum’s price structure resembles an ancient shipwreck, battered and forlorn. Analyst Mags has boldly claimed that Ethereum possesses “one of the worst charts of all time.” With repeated failures to breach the $4,000 resistance zone on this cycle, one is left to ponder whether ETH’s resilience is as delicate as spun sugar.

#Ethereum – Unbiased Analysis

ETH has one of the worst charts of all time. The price attempted to break above the range high of $4,000 three times in this cycle but failed.

On the last rejection, price broke down even below the mid-range and is also trading below the


— Mags (@thescalpingpro) March 18, 2025

After three forlorn attempts, Ethereum has not simply failed to reclaim its heights but has also lost support at key levels—an unfortunate dance of unrequited love with the market trend.

However, a flicker of optimism arises from trader MichaĂ«l van de Poppe, who perceives the first glimmers of a potential “deviation” brewing within Ethereum’s depths.

I think that $ETH shows a deviation here.

It didn’t break any crucial level yet, but it’s facing one.

Break through $2,100-2,150 and we’ll probably run to $2,800 quite quickly.

DXY fell down substantially, likely we’ll see a good Q2.

— MichaĂ«l van de Poppe (@CryptoMichNL) March 24, 2025

If ETH can strut past the $2,100 to $2,150 gatekeepers, a sharp lift to $2,800 could be imminent, signaling a resurgence of vitality in the market! The potential for a weakened U.S. Dollar Index floats like a tempting mirage—a favorable economic tide that might just buoy our weary Ethereum back to glory.

Yet, these buoyant theories rest precariously on Ethereum reclaiming pivotal technical levels and the broader market shifting into higher spirits. Until such celestial alignment occurs, our dear Ethereum remains chained to visible burdens and lurking risks.

Trade with care and remember—never gamble more than you can afford to lose. Oh, the hilarity of crypto—the risks, the rewards, the poets and jesters half-seriously calculating fortunes with every flip of the digital coin!

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2025-04-02 00:45