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#精品内容 Performance concerns in Ethereum: ETH/BTC ratio at five-year low.
According to analysts, Ethereum has only outperformed Bitcoin in 15 percent of trading days since its launch nearly a decade ago.
Crypto analyst James Check stated in a post on April 8 that Ether has underperformed Bitcoin by about 85 percent since it began trading in mid-2015.
According to the data shared by Check, Ether showed a strong performance compared to BTC in its early years (especially from mid-2015 to mid-2017). In addition, there were brief periods in late 2019 and early 2020 when the ETH/BTC ratio was in favor of Ethereum.
However, Bitcoin has consistently outperformed Ether in the last five years.
According to TradingView data, the ETH/BTC rate fell to 0.018 as of April 9, reaching its lowest level in the last five years. The last time it fell below this level was in December 2019. At that time, Ether was trading at around $125, while Bitcoin was trading at $7,000.
ETH has fallen another 10 percent in the last 24 hours, falling below the 2018 bull cycle peak of $1,450.
According to the data, Ether fell to $1,400 in the morning hours of April 9. In comparison, Bitcoin fell to $75,000 on the same day, losing 6 percent of its value; but this is still 275 percent above the peak reached during the 2017-2018 bull market.
Ethereum “stagnation” concerns
Ethereum supporters are expressing concerns about the network’s potential for growth, as Bitcoin has reached new price highs this year, while Ether has not been able to achieve similar momentum.
Web3 researcher Stacy Muur wrote in a post on April 8:
“I love Ethereum. But it’s time to face the truth: Ethereum has had about the same number of active addresses for the last four years.”
However, some researchers cite L2beat data to suggest that the value locked in Ethereum’s layer-2 (L2) scaling networks has increased in recent years, with many new addresses operating on these networks.
Technical data signals oversold and bottom
According to the analysis, most long-term ETH investors are currently in a losing position. However, technical indicators similar to the fractal patterns seen in 2018 and 2022 suggest that ETH is approaching oversold levels, with a potential bottom near $1,000.