In the most unfortunate news for admirers of Ethereum (ETH), that most illustrious cryptocurrency, it finds itself not in a position of ascendance, but rather in a lamentable decline against its more robust counterpart, Bitcoin (BTC). As was noted by the esteemed Alex Thorn, Head of Research at Galaxy, Ethereum has plummeted to a rather disgraceful low of 0.02210 BTC per ETH, a staggering 74% decrease since its audacious transition from the proof of work (PoW) to the proof of stake (PoS) mechanism.
ETHBTC made fresh lows 0.02210
ether is down 74% against bitcoin since switching from proof of work to proof of stake
— Alex Thorn (@intangiblecoins) March 28, 2025
Indeed, while Ethereum encourages the most vital decentralized finance solutions amidst the cacophony of digital assets, one must inquire whether it can reclaim its former glory after its grand migration, dubbed “The Merge,” in September 2022. Alas! What a noble title for such a disappointing result!
The performance of Ether continues to exhibit a dreary tendency, with a bearish outlook akin to a rainy day without tea. Reports indicate that this once-proud token has fallen by a woeful 47% over the past year, while Bitcoin carelessly frolics in the fields of newly minted all-time highs. Poor Ethereum seems to be spinning in its own cyclone of despair.
Moreover, the recent trend shows U.S. exchange-traded funds investing directly in Ethereum have not been fortunate; they recently experienced their longest streak of daily withdrawals since their inception in July 2024, indicating a rather tenuous interest from the market in our beleaguered protagonist.
On a similar note, Standard Chartered has revised its year-end price prediction for Ethereum downward by a staggering 60%, settling now at a meager $4,000, lamenting deep concerns regarding Ethereum’s scalability as if it were a scandal of the utmost magnitude.
Is Reversal on the Horizon?
It is to be observed that Ethereum has indeed shown more significant losses in comparison to Bitcoin over the last 24 hours. As the chronicle unfolds, Bitcoin has merely dipped by 2.15%, lingering around $85,123, while Ethereum finds itself down by a grievous 6.44% to $1,889.
Ethereum’s descent against Bitcoin prompts a sigh of exasperation; the pattern persists, with little hint of a delicious reversal, though one must ponder whether a recovery might be possible should critical support levels withstand the onslaught of despair. Should a fresh interest from investors arise, or should the mighty Bitcoin’s dominance wane, who knows? Ethereum may yet reclaim its erstwhile stature.
Traders, with bated breath, await signs of either a return to fortune or further degradation in the ETH/BTC ratio. Until such mysteries unfold, Ethereum resides in a state of suspense, as if awaiting the arrival of some fabled hero to redeem its plight.
The impending Pectra mainnet upgrade, tentatively slated for April 30, could serve as a glimmer of hope, possibly rekindling the spirits of fervent supporters—if only for a brief moment.
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2025-03-28 17:57