$ETH , once the leader of the altcoin space, has now dropped to its lowest point against $BTC since February 2020. At the time of writing, ETH is trading at $1,499, leaving investors who bought in during the 2018 ICO-fueled bull market with little to no returns.

Key Insights:

📉$ETH  has plummeted by 44% against Bitcoin in 2023, marking the third consecutive year of losses.

📉 It's now down a staggering 79% from its peak in December 2021, which was driven by the hype around decentralized finance (DeFi) and non-fungible tokens (NFTs).

📉 Ethereum has broken below the critical 0.02 ETH/BTC level, a key psychological point for many traders.

Looking Ahead:

🔮 The next key support level to watch for ETH/BTC is 0.01615 BTC, which was last seen in September 2019. To reach this level, ETH would need to drop another 18% against Bitcoin.

🔮 As bearish sentiment continues to grow, the question remains: Will Ethereum find a bottom soon, or are we heading towards even deeper declines?

The market's reaction to this extended decline and the broader market conditions will play a crucial role in determining whether Ethereum can recover or continue its bearish trend. 🚀📉

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