Ethereum Price Plunges to 41-month low: Lowest Against Bitcoin

September 16, 2024 William Ross Cryptocurrency News 0

Ethereum’s Struggle: A 55% Decline from 2021 Highs”

Ethereum (ETH) has continued its downward spiral against Bitcoin (BTC) as of September 16, 2024 reaching its lowest level since April 2021. The ETH/BTC ratio has plummeted to 0.038, marking a significant decline of over 55% from its peak in 2021.

The crypto market has been rife with speculation and concern. “Half of my feed is ETH FUD at this point,” exclaimed Ethereum developer ‘antiprosynthesis’ on X (formerly Twitter) on September 15. This sentiment reflects the broader market’s anxiety as Ethereum struggles to maintain its value against Bitcoin.

Volatility and unpredictability

Economist Alex Krüger drew an interesting comparison, stating, “If Ethereum were a football player, it would be like Neymar Junior—brilliant but inconsistent”. This analogy highlights the volatility and unpredictability that has characterized Ethereum’s performance in recent months.

Crypto analyst James Check added, “The ETH/BTC ratio hitting its lowest level since April 2021 is a clear indicator of the market’s current sentiment towards Ethereum”. This decline comes amid a broader market retreat, with the total crypto market capitalization falling by 4.5% to $2.12 trillion reported Crypto,news.

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The upcoming Federal Reserve interest rate decision on September 18 is also adding to the market’s uncertainty. Johns Hopkins University economist Steve Hanke commented, “A 50-basis-point cut is not factored in. If it were to materialize, it would probably give the market a lift”. However, the potential for a recession could trigger further selloffs across risk-on assets like Ethereum.

 

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William Ross
About William Ross 265 Articles
I am a cryptocurrency enthusiast and writer with over five years of experience in the industry. I have been following the development and innovation of Bitcoin and Ethereum since their inception, and I enjoy sharing my insights and analysis with readers. I have written for various reputable platforms, such as CoinDesk, Cointelegraph, and Decrypt, covering topics such as market trends, regulation, security, and adoption. I believe that cryptocurrency is the future of finance and technology, and I am passionate about educating and informing people about its benefits and challenges.

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