ETH hits 20-month low against BTC, potential for recovery in Q1
In a recent analysis by AMBCrypto, it was revealed that Ethereum (ETH) has hit its lowest price against Bitcoin (BTC) in the last 20 months. The decline in the altcoin’s price against BTC has seen a decrease of 32.68% in the past year, with a further drop of 18.80% in the last six months, bringing the ETH/BTC value to 0.048 BTC. However, despite these setbacks, there is potential for a recovery in the first quarter of this year.
AMBCrypto analysis reveals ETH’s lowest price against BTC since May 2022
AMBCrypto’s analysis of the ETH/BTC chart indicates that Ethereum has slipped to its lowest position against Bitcoin since May 2022. This decline can be attributed to various factors, including the recent optimism surrounding the potential approval of Bitcoin exchange-traded funds (ETFs) and a hack that led to a surge in volatility. However, amidst all the market turbulence, ETH has managed to gain some ground.
Optimism around Bitcoin ETF boosts ETH’s position in volatile market
The recent optimism surrounding the potential approval of Bitcoin ETFs has had a positive impact on the altcoin market, including Ethereum. The expectation of these ETFs being approved has caused prices to fluctuate, but Ethereum has managed to gain value amidst the chaos. At the time of writing, ETH’s price was $2,380, with a 3.37% increase in the last 24 hours. Additionally, the ETH/BTC value has increased by 2.05% to 0.052 BTC, indicating a positive trend for Ethereum.
Ethereum’s major upgrade and potential impact on Q1 performance
One factor that could contribute to Ethereum’s recovery in the first quarter of this year is its scheduled major upgrade, known as the Ethereum Dencun upgrade. This upgrade aims to enhance the security and scalability of the Ethereum blockchain. Although there has been a decline in development activity on the blockchain recently, with fewer new features being shipped out, the upcoming Dencun Testnet could potentially change the state of affairs and improve Ethereum’s performance.
Despite recent setbacks, ETH holders remain confident in altcoin’s potential
Despite the recent decline in Ethereum’s price against Bitcoin, ETH holders remain confident in the altcoin’s potential. As of now, there are 112.18 million ETH holders compared to 52.64 million Bitcoin holders. This data suggests that, despite the inconsistencies in ETH’s performance, many believe in its long-term prospects. With the upcoming major upgrade and the continued support of ETH holders, there is potential for a bullish trend and a recovery in the altcoin’s value in the near future.
In conclusion, Ethereum’s recent decline in price against Bitcoin has reached a 20-month low. However, there is optimism for a potential recovery in the first quarter of this year. The recent developments in the market, such as the expectation of Bitcoin ETF approval and Ethereum’s upcoming major upgrade, could positively impact ETH’s performance. Despite the setbacks, ETH holders remain confident in the altcoin’s potential, indicating a promising outlook for Ethereum’s future.
Analyst comment
Positive news: ETH hits 20-month low against BTC, potential for recovery in Q1
As an analyst, I believe that the market for Ethereum could see a positive trend in the first quarter of this year. The recent decline in price against Bitcoin has reached a 20-month low, but there are factors that could drive a recovery. The optimism surrounding the potential approval of Bitcoin ETFs has had a positive impact on the altcoin market, including Ethereum. Additionally, Ethereum’s upcoming major upgrade, known as the Ethereum Dencun upgrade, could enhance its performance and contribute to a bullish trend. Despite the setbacks, ETH holders remain confident in the altcoin’s potential, indicating a promising outlook for Ethereum’s future.
