Ethereum's Decline Reminds of the Last Bull Market's Beginning

Ethereum's Performance Against Bitcoin

Ethereum and Bitcoin have a noteworthy price relationship. The price chart of Ethereum reminds one of the last major bull market when compared to the leading cryptocurrency Bitcoin.

The ETH-BTC ratio has experienced a decline of 31% since its dip nine months ago. This situation reflects a cycle seen when gold approaches its recent peak. In the previous cycle, Ethereum later showed an increase of over 300% against Bitcoin. This trend is considered a continuation of the phenomenon that occurs when capital exits safe havens.

Bitcoin is currently trading at around $78,800, while Ethereum is around $2,345. The price of gold is hovering at approximately $4,830. Meanwhile, Asian stock markets are rising on optimism related to the expected trade agreement between the United States and India, led by Japan's Nikkei 225 index. However, the fluctuations in cryptocurrencies and precious metals continue to create uncertainty in the market.