In the digital asset market, Ethereum, the second-largest cryptocurrency, has significantly lagged behind Bitcoin. Many are questioning whether Ethereum can rebound in the upcoming quarter.
Market Data and Developments
Recent market data indicates that the Ethereum/Bitcoin (ETH/BTC) ratio has plummeted to its lowest level in five years. According to The Kobeissi Letter, the ETH/BTC ratio has fallen to 0.02, a level not seen since December 2020.
Market Performance and Technical Updates
In the first quarter, Ethereum’s performance lagged significantly compared to Bitcoin. Throughout the year, Ethereum’s value has decreased by 46%, while Bitcoin has only experienced a 12% drop. The Pectra upgrade, which should enhance the recovery expectations for Ethereum, has faced various challenges during its process. Reports from CoinGape indicate that many tests during the testnet phase before the Pectra upgrade ended in failure.
Future Expectations and Investor Hesitance
Some analysts suggest that if market conditions expand and the Pectra upgrade transitions to the main network, there is potential for Ethereum’s price to rise. However, others warn that the ETH/BTC ratio may decline further, as some investors consider shifting their focus to other networks. According to CoinMarketCap, Ethereum’s price increased by 1.34% in the past 24 hours, rising to $1,842.29. While this increase shows short-term recovery signals, overall market uncertainty persists.
Investors and market observers continue to monitor closely whether Ethereum can gain strength in the coming days. The anticipated rise or possible further depreciation will depend on the broader market dynamics.
