The highly anticipated Ethereum merger did not produce the expected fireworks across the board in terms of ETH price action. In fact, Ethereum fans have also discussed the ETH:BTC ratio at length in the past along with “weird.” A hypothetical event that would cause Ethereum to exceed or “reverse” the market value of Bitcoin.
However, this seems a far-fetched reality considering the current soup that ETH has found itself in.
Here are the Ethereum (ETH) price predictions from AMBCrypto for 2022-23
From tops to bottoms – what has changed?
It looks like the ETH:BTC ratio, once on the upside, has dropped to a very low level marked On Santiment, a popular crypto platform. HERE IS ETHShark” and “whale” (containing 100 to 1 million ETH) lost 3.3 million ETH Only in the last five weeks.
Now the question arises: did the shark and pick from Ethereum address the issue of accumulation and dumping “alert” their price movements? Well, it certainly seems to be. Looking at the chart above, Santiment addedAnd the
This equates to approximately $4.2 billion in coins that have been dumped. The price of the asset fell against Bitcoin and flowed based on the behavior of these major contributors.”
In general, the case was significant, but to shed more light on the breakdown, consider this story. Looking at the beginning of September 2022, the ETH:BTC ratio has soared to its highest level in 2022.
Data from TradingView showed that the ETH:BTC ratio reached 0.084 for the first time since December 2021. This could represent a jump of about 58% from around 0.053 in mid-July.
This advance against Bitcoin can be attributed to the hype of Merge, the number two long-awaited Proof-of-Stake upgrade in the blockchain. But what happened now? A big question mark to say the least.
Well, even the owners might have asked the same question considering the number of HODLing has gone down. According to Glassnode, the number of ETH addresses with more than 100 coins reached a one-month low of 45,366. This was evident from the chart below.
Additionally, looking at the technical front, ETH has seen an unprecedented increase in censorship with over 50% blocks generated in the last 24 hours. These boxes are under the management of the US Treasury’s Office of Foreign Assets Control (OFAC) following compliance recommendations.
Now, needless to say, such bearish conditions will indeed result in a similar drop for the largest altcoin. ETH, at the time of publishing this article, continued to see a red flag as it was trading at $1,280 on CoinMarketCap.
lift the mood
Despite the bearish story since its inception, ETH has managed to recover from the dead. Could it be now? Well, nothing is impossible, remember?
As of 2021, the price of ETH has managed to show a relatively high sensitivity to the growth of its network. Interestingly, the network’s growth in recent days has increased to match its highs in November 2021. On the contrary, price action has yet to follow.