Ethereum Hits 42-Month Low Against Bitcoin — Bottom or More Pain Ahead?

According to Cointelegraph: Ethereum (ETH) has hit a 42-month low against Bitcoin (BTC), raising concerns about further downside potential. As Bitcoin dominance rises to 58%, some analysts believe Ether may be nearing a local bottom, while others warn of more losses.BTC/USD downtrend. Source: Alex ThornThe ETH/BTC ratio dropped to levels not seen since April 2021, sparking debate among experts. Alex Thorn, head of research at Galaxy, highlighted the 53% decline since Ethereum's Merge in September 2022, asking, “What stops this train?” Source: Fred KruegerInvestor Fred Krueger believes Ether could face continued weakness against Bitcoin, noting that Ether exchange-traded funds (ETFs) have experienced $581 million in net outflows since launch. By contrast, Bitcoin ETFs have attracted substantial inflows, driving BTC's price gains. Ethereum ETF Flow (USD, million). Source: Farside InvestorsDespite the bearish sentiment, some analysts see a possible recovery. Crypto trader Anbessa suggested that the ETH/BTC ratio may have hit the bottom near 0.03845 BTC based on historical Fibonacci retracement levels, while investor Hedgex pointed to Ethereum’s oversold relative strength index (RSI) as a sign of a potential rally. ETH/BTC, 3-day chart, breakout. Source: AnbessaThe market remains divided, with some expecting a recovery and others bracing for further losses. ETH/BTC, all-time chart. Source: Hedgex