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Ethereum (ETH) has experienced a significant decline, reaching its lowest value since March 2023. This downturn is part of a broader market slump, intensified by recent geopolitical events.
The ETH/BTC ratio has fallen to 0.019, a level not seen in five years. This metric indicates Ethereum’s performance relative to Bitcoin (BTC). A decreasing ratio suggests that BTC is outperforming ETH, prompting traders to reallocate their investments toward Bitcoin, viewing it as a more stable asset amid current market volatility.
The Chaikin Money Flow (CMF) for ETH is currently at -0.07, signaling increased selling pressure and reduced demand. Additionally, the Relative Strength Index (RSI) stands at 25.62, indicating that Ethereum is in oversold territory. Such a low RSI value often precedes a potential price rebound, suggesting a possible recovery.
Should a rebound occur, Ethereum’s price might rise above $1,589 and potentially reach $1,904 if bullish momentum persists. Conversely, continued bearish dominance could see ETH’s value drop to around $1,197.
