Ethereum’s indigenous token, Ether (ETH), registered four consecutive red monthly candles in March after Altcoin fell 18.47%. Altcoin’s current market structure reflects the ongoing weakness that is invisible since the 2022 bear market.
As they get closer every month after monthly monthly, analysts are starting to discuss whether ETH is approaching the floor or more disadvantages to Altcoin.
Ether Leeum/Bitcoin ratio has reached a new five -year low.
On March 30, Ether Leeum/Bitcoin ratio dropped to 0.021 for five years. The ETH/BTC ratio measures the ETH value of Bitcoin (BTC), and the current decline emphasizes the ether’s performance for Bitcoin over the past five years.
In fact, when the ETH/BTC ratio dropped to 0.021, ETH was worth $ 150- $ 300 in May 2020.
Ether Leeum/Bitcoin 1 month chart. Source: COINTELEGRAPH/TradingView
According to the data of the token terminal, the lowest level of Ether Leeum’s monthly commission decreased to $ 22 million in March 2020, indicating that the network activities and market interest are low.
The Etherrium fee shows the cost of a user paying the transaction cost, which is affected by network demand. Network utility decreases when the network fee starts to drop.
Ether Leeum fee and price. Source: Token Terminal
Despite price measures and revenue discomfort, Ethereum analysts venture founder said that ETH/BTC floor could occur for the next few weeks. Analysts suggest that the ratio may fall further before recovery by implanting the potential floor between 0.017 and 0.022. Analyst
“You can promote one more similarity with another low RSI with another low RSI with another low RSI and 2018-2019 Fed and the QE cycle.
Ether Leeum/Bitcoin analysis of venture founders. Source: x.com
Related: Etherrium price has fallen almost 50% since Eric Trump’s ‘Add ETH’ guarantee.
Historical odds prefer short -term floors
ETH has registered a monthly candle for more than five times or more than five times from the beginning, and the short -term floor was the result. The chart below shows seven most continuous red moons in 2018, but the price increased 83% after the modification.
Ether Lee Monthly Chart. Source: COINTELEGRAPH/TradingView
In 2022, after three consecutive Bearlists, ETH prices were integrated in a range for almost a year, but the bottom was in the third weaker candle in June 2022. Historically, Ether Leeum has a 75%chance of having a green moon in April.
Based on Ethereum’s last quarter’s revenue, Altcoin experienced the least number in the second quarter compared to other quarter. The average return is 60.59%in the second quarter, with a positive return in April.
Ether Lee Rium Branch Revenue. Source: COINGLASS
Related: Why is Ether Leeum (ETH) price increase today?
This article does not include investment advice or recommendation. All investment and trading measures include risks, and the reader must do his own research when making a decision.