The recent 24-hour period witnessed ETH liquidations surpassing BTC by nearly fivefold, highlighting a substantial disparity in market activities. The apparent decline in ETH's momentum, indicated by AO and RSI metrics, has created an opportunity for BTC to maintain its dominant position. Speculation arises around the possibility of ETH's price potentially reaching $4,500 if the anticipated live trading of ETH spot ETFs materializes.

The distinctive market movements of Bitcoin (BTC) and Ethereum (ETH) have led to a divergence in their correlation, with ETH unable to assert dominance over BTC. At the start of the year, the exchange rate of BTC to ETH stood at 14:1, which has now transitioned to 18:1 due to the lackluster performance of altcoins. Currently, Bitcoin is valued at $67,628, while ETH is priced at $3,789. This divergence is further emphasized by the liquidation data, where $14.12 million worth of ETH contracts were liquidated compared to $3.20 million for Bitcoin, primarily comprising long and short positions respectively.

Analyzing the ETH/BTC chart remains a key aspect for understanding the market dynamics and potential trajectories of Bitcoin (BTC) and Ethereum (ETH). The insights drawn from this analysis offer valuable perspectives on the potential paths these assets may take, influencing the overall market dynamics.