As Bitcoin breaks under the $83,000 mark, the rising fluctuation in Ethereum has reached the $1,900 level. With a 1.51% drop in the past 24 hours, Ether is currently trading at a market value of $1,895.
Holding its market capitalization of $228 billion, the declining trend in ETH now accounts for 16.38% over the past 7 days. With the rising bearish momentum, is ETH bound to retest the $1,500 mark?
Weakest Ethereum Ever Against Bitcoin in 5 Years
As the Ethereum price is declining, the biggest altcoin is growing weak against Bitcoin. The ETH-BTC pair has recently hit a five-year low, which is the lowest since mid-2020.
ETH/BTC hits 5-year low as trader suggests rotation into stronger alts
Ethereum's value against Bitcoin has hit its lowest level since mid-2020, with a crypto trader suggesting that it might be time to shift into higher-performing altcoins.
“If still stuck on ETH, it is likely… pic.twitter.com/ztbtO1VEff
— MetaEra (@MetaEraHK) March 13, 2025
Amid the declining ETH-BTC pair, the economist and crypto trader Alex Kruger said,
“If still stuck on ETH, it is likely a good time to dump it to buy a higher beta altcoin.”
The crypto trader further continued to say, that if the market goes down, you will likely lose equally in both cases. However, if it goes up, you will likely outperform significantly and then can swap to Bitcoin.
The ETH-BTC ratio is currently at 0.022 BTC, which is its lowest in nearly five years, and shows a declining relative strength of Ethereum compared to Bitcoin.
Analyst Reveals Tough Phase for Ethereum Holders
In a supporting tweet, Web3Neils, a crypto trader and investor, highlighted the extremely tough phase for Ethereum holders. Over the past three months, the increasing selling pressure in the ETH price trend has led to a 52% downfall.
ETH holders are going through a tough phase.
Ethereum experienced record selling pressure in the past 3 months.$ETH is down 52% in the same time period. pic.twitter.com/Ex7cNtvFyT
— Niels (@Web3Niels) March 13, 2025
This has resulted in a negative 30-day moving average of NetTaker volume. Currently, the NetTaker volume remains negative as per the data from CryptoQuant, highlighting the bearish dominance.
Bearish Sentiments Dictate Ethereum Futures
As Ethereum continues to slip under crucial support levels, the trader’s participation in the future market is declining. The open interest is down by 1.95% to hit $17.94 billion.
However, the long-to-short ratio remains at a neutral position at a ratio of 1.0008. Adding to the neutral conditions, the open interest-weighted funding rate is fluctuating near 0%.
In the past 24 hours, ETH has witnessed a massive liquidation of $45 million, with long-side players losing $27.73 million. Hence, the overall sentiment in the Ethereum derivatives market is between neutral and mildly bearish.
Analyst Warns Ethereum Downfall to $800
As per the crypto analyst Ali Martinez, the declining trend in Ethereum is at its most crucial support level. This is priced at $1887, where investors have accumulated 1.63 million ETH.
Currently, the most important support level for #Ethereum is $1,887, where investors accumulated 1.63 million $ETH! pic.twitter.com/VGB37X4hYj
— Ali (@ali_charts) March 13, 2025
Furthermore, the analyst also predicts a breakdown move in Ethereum that could track a downswing to $800. The analyst highlights an ascending triangle breakdown in the weekly chart.