ETH-BTC dipped to near 0.0602 on Tuesday, according to TradingView data, its lowest reading since July.
The recent price action extended a trend that began in September 2022, confirming some bearish forecasts from analysts for the second-largest cryptocurrency by market capitalization.
Head of Strategy and Research at Matrixport Marcus Thielen said on Monday that Ethereum’s protocol revenues have been descending for the last three months, and expected BTC to continue outperforming the broader crypto market, including ETH.
Popular crypto analyst Benjamin Cowen, founder of IntoTheCryptoverse, noted in an X post, formerly known as Twitter, that a potential breakdown in the ETH’s valuation versus BTC could be in the cards.
The latest slump in price occurred as some prominent investors – also known as whales – have recently deposited a total of $60 million ETH to crypto exchanges, raising alarms about further declines in price, the report added.