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- It was reported that the analysis that Ethereum is 'slowly dying' was presented as the ETH/BTC ratio continues to decline.
- It was explained that as the preference for Bitcoin increases, the capital inflow into Ethereum is decreasing, leading to a potential price drop for Ethereum.
- Ethereum is currently being traded at $3,100, showing a rapid rise recently, but its long-term market dominance is weakening.
- The article was summarized using an artificial intelligence-based language model.
- Due to the nature of the technology, key content in the text may be excluded or different from the facts.
There is an analysis that Ethereum (ETH) is slowly dying while facing a technical breakdown situation.
According to Cointelegraph on the 16th (local time), Arthur Demister, founder of Adamant Capital, said, "Ethereum is dying a slow death," citing the decline in the ETH/BTC ratio as the reason. The ETH/BTC ratio is a chart that shows how much ETH can be bought with 1 BTC, comparing the price of Ethereum to Bitcoin.
The ETH/BTC ratio has been continuously declining recently. The decline in this chart is interpreted as an increase in preference for Bitcoin. In other words, it means that the capital inflow into Ethereum is decreasing. The media explained, "If the ETH/BTC ratio falls to 0.017BTC, the price of Ethereum could drop by about 50%%."
Furthermore, Ethereum's market dominance is recording its lowest level since April 2021, and Ethereum's position is continuously shaking.
However, recently, Ethereum showed a rapid rise, surpassing the $3,000 line and succeeding in a rally like a mockery. On this day, Ethereum is being traded at the $3,100 level, up 2.6%% compared to the previous day in the Binance Tether (USDT) market.
