Perhaps Ethereum has reached a turning point against Bitcoin, according to a recent report from CryptoQuant. The ETH/BTC price ratio rose by 38% last week after hitting its lowest level since January 2020. Does this dramatic development herald the long-awaited beginning of a new altcoin season?
Technical signals indicate a potential trend reversal
These details are critically important, as the last time this indicator reached such levels, Ethereum subsequently experienced an exceptional period of growth against Bitcoin.
The MVRV ratio between ETH and BTC indicates a historic decline in the value of Ethereum, which is comparable to what preceded the remarkable price rise in 2019.
The ETH/BTC trading ratio reached 0.89, its highest level in 9 months.
ETH deposits on exchanges have dropped to their lowest level since 2020. Are these indicators enough for a new rise of ETH, let us know your opinion.
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