Ethereum falls to lowest level in 3 years against Bitcoin amid panic selling

Ethereum fell to its lowest point in three years against Bitcoin amid the carnage that followed Bitcoin’s fall from $70,000 over the weekend. The ETH-BTC chart reached a low of 0.0462BTC on Saturday, April 13th, down 24% from this year’s high of 0.085BTC.

Ethereum’s all-time high against Bitcoin was reached in 2017 at 0.16 BTC before ending the year at a similar level to today at 0.048 BTC. It then hit a low of around 0.018 BTC in late 2019 before rising significantly throughout the 2020-2021 bull market.

The cyclical high of 0.088 BTC saw a steady decline over 2023, 2022, and 2024. The 0.05 BTC level acted as a low support level until it was broken this month. The price remains within 7% of support, but it’s been almost three years since we’ve seen this price.

Since the beginning of 2023, the decline has been gradual and steady, with several bullish breakouts ending within a few months.

Ethereum remains below the 0.05 BTC support level, but has recovered nearly 7% from its weekend lows, remaining relatively stable amid Bitcoin’s continued struggles. Bitcoin fell from $70,000 to $61,700 over the weekend before recovering to $66,000. However, Bitcoin has retested $61,700 and is trading around $62,000 at press time. Ethereum initially drove Bitcoin down from $3,600 to $2,800. It later consolidated around the $3,000 level, helping in the price war with Bitcoin.

While the overall cryptocurrency market often follows Bitcoin, the majority of the altcoin market follows Ethereum. The ETH-BTC chart has a great influence on the subtle relationship between digital asset price movements and is one of the leading factors in the industry. Bitcoin dominance, another important factor, reached a three-year high of 57% this weekend, while Ethereum dominance fell to 15% from a recent high of 19%.

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