ETH/BTC hit a 3-year low, sliding to 0.03508

Key receivers

The ETH/BTC trading pair reached its lowest level in three years, falling to 0.03508. Historical patterns show that Ethereum may experience further declines against Bitcoin.

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The Ethereum to Bitcoin (ETH/BTC) price hit a new low of 0.03508 at the time of writing, the lowest level since April 2021.

This decline to a 3.5-year low has fueled discussions around the Ethereum market cycle and a potential approach to the lower logarithmic regression trendline that has historically provided support in bullish levels.

Analyst Benjamin Cowen suggests that ETH could reach this level in the coming weeks before 2025 as part of a broader cyclical reset.

This low Consistent with patterns observed in 2016 and 2019, Ethereum experienced significant drops before stabilizing and rebounding.

Despite past optimism surrounding the merger and several ETF approvals, following a trajectory that echoes previous cycles, Ethereum's valuation over Bitcoin has gradually declined.

Analysts suggest that if this level is reached, it can provide a basis for strengthening before the start of more sustainable growth.

The 50-day simple moving average (SMA) for ETH/BTC is being closely watched as a potential downside indicator.

Historically, when ETH/BTC crosses above this level, it signals the possibility of a reversal trend, making it a key level to watch in the coming weeks.

With ETH/BTC at its lowest point in years, Ethereum owners may consider hedging as they approach this retracement line.

Bitcoin's growing market dominance is another factor influencing Ethereum and other altcoins, which have shown continued weakness relative to Bitcoin.

Analyst Benjamin Cowen emphasized that Ethereum is approaching a lower retracement line, based on indicators from previous cycles, which could be as low as around $1500.

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