Originally published on: November 06, 2024
Ether traders are gearing up for increased price volatility as the ETH/BTC ratio hits new multi-year lows. The prominent trading pair has dropped to 0.03496, the lowest point in three years, sparking concerns among market analysts.
Galaxy’s head of research, Alex Thorn, highlighted the downtrend in a recent update, with market analyst Zach Voell echoing the sentiment that there is no immediate reversal in sight for the trading pair.
Amidst the backdrop of the US presidential election, traders are closely watching the Ether to Bitcoin trading pair at a ratio of about 0.035. This ratio has not been seen since March 2021, according to TradingView data, with a 1.13% decrease over the past 24 hours.
Despite the current downward trend, historical data suggests a potential rebound in the near future. In March 2021, the pair rallied from similar levels to reach 0.077 by May 2021, along with a 120% increase in Ether’s price.
Some traders are optimistic about a stronger rebound this time around, anticipating an “epic pump” in the coming days. However, uncertainties surrounding the US election results could lead to increased volatility in the crypto market, potentially impacting the ETH/BTC ratio.
Analysts are also cautious about the market’s reaction post-election, with expectations of heightened volatility and significant price movements for Bitcoin. Traders are advised to conduct thorough research and exercise caution when making investment decisions in the current market environment.
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