The original code for ethereum, the ether (Eth)Four consecutive red candles were recorded after ALTCOIN decreased by 18.47 % in March. The current market structure in Altcoin reflects an unprecedented declining direction since the 2022 bear market.
With all the monthly closure that lasts less than the lowest level in the previous month, analysts began to discuss whether the eth is approaching the bottom or if there is more style forward in Altcoin.
Ethereum/bitcoin ratio reaches a new 5 -year level
On March 30, the ETHEREUM/Bitcoin ratio decreased to a five -year low at 0.021. The ETH/BTC ratio measures the value of ETH against Bitcoin (BTC)The current decrease has the ether performance against Bitcoin over the past five years.
In fact, the last time that the ETH/BTC ratio decreased to 0.021, the value of ETH was between 150 to 300 dollars in May 2020.
Ethereum/bitcoin 1 month. Source: CointeleGRAPH/TradingView
Data from the distinguished code station Show ETHEREUM monthly fees fell to $ 22 million in March 20205, its lowest level since June 2020, indicating a decrease in network activity and market interest.
ETHEREUM fees represent the cost that users pay for transactions, which are affected by the demand on the network. When the network fee begins to decrease, it indicates a decrease in the benefit of the network.
Ethereum fees and price. Source: Token Terminal
Despite the price procedures and tight revenue, the Ethereum Venturefound analyst He said The bottom of ETH/BTC can occur in the next few weeks. The analyst at a possible bottom of 0.017 and 0.022, indicating that the ratio may decrease further before recovery. The analyst said,
“The RSI may be low low and a big push down to a lot of similarity with 2018-2019 Fed Cycle and QE, with the first higher height after May when the Fed QT and Hest QE ended.”
Ethereum/bitcoin analysis by Venture founder. Source: x.com
Historical difficulties prefer a short -term bottom
Since its inception, ETH recorded three or more consecutive monthly candles on five occasions, and each time, the result was the result in the short term. The graph below shows that the most successive red months occurred in 2018, with seven, but the prices jumped by 83 % after the correction.
Ethereum monthly scheme. Source: CointeleGRAPH/TradingView
In 2022, after three consecutive months, the ETH price was unified in a period of about a year, but the bottom was in the third dumping candle in June 2022. Historically, ETHEREUM enjoyed 75 % of the presence of a green month in April.
Based on the previous quarterly ethereum revenues, altcoin Experienced The lowest number of withdrawals in the second quarter compared to the other quarter. With the average revenue in the second quarter of 60.59 %, the possibility of positive returns in April.
Ethereum quarterly returns. Source: Coinglass
Related: Why is the ETHEREUM (ETH) price raised today?
This article does not contain investment advice or recommendations. Each step includes investment and risk trading, and readers must conduct their own research when making a decision.
