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Ethereum’s Bearish Trend Continues
Ethereum’s native token, Ether (ETH), has 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.
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.
Ethereum Fees and Price
Data from the token terminal showed that Ethereum’s monthly fees dropped to $22 million in March 20205, its lowest level since June 2020, indicating low network activity and market interest.
Historical Odds Favor a Short-Term Bottom
Since its inception, ETH has registered three or more consecutive bearish monthly candles on five occasions, and each time, a short-term bottom was the result. The chart below shows that the most back-to-back red months occurred in 2018, with seven, but prices jumped 83% after the correction.
Quarterly Returns
Based on Ethereum’s past quarterly returns, the altcoin experienced the least number of drawdowns in Q2 compared to other quarters. With the average returns in Q2 as high as 60.59%, the likelihood of positive returns in April is high.
Analyst’s View
Ethereum analyst VentureFounder said that the ETH/BTC bottom could occur over the next few weeks. The analyst hinted at a potential bottom between 0.017 and 0.022, suggesting that the ratio might drop further before a recovery.
Conclusion
Ethereum’s bearish trend continues, with the altcoin’s current market structure reflecting a sustained bearish trend not seen since the bear market of 2022. The historical odds favor a short-term bottom, and analysts are beginning to debate whether ETH is approaching a bottom or if there is more downside ahead for the altcoin.
FAQs
- What is the current market structure of Ethereum? The current market structure of Ethereum reflects a sustained bearish trend not seen since the bear market of 2022.
- What is the Ethereum/Bitcoin ratio? The ETH/BTC ratio measures ETH’s value against Bitcoin (BTC).
- What are the historical odds of a short-term bottom? The historical odds favor a short-term bottom, with ETH having registered three or more consecutive bearish monthly candles on five occasions.
- What can analysts expect in the next few weeks? Analysts expect a potential bottom between 0.017 and 0.022, suggesting that the ratio might drop further before a recovery.
- What is the current state of Ethereum fees? Ethereum’s monthly fees dropped to $22 million in March 20205, its lowest level since June 2020, indicating low network activity and market interest.
