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In a stark warning, Tuur Demeester of Adamant Research cautions investors about Ethereum's bearish trajectory amid ongoing market instability.
Bearish Forecast Puts Ethereum Under Pressure
The top altcoin by market cap is about to fall to 0.03 BTC, according to a recent big warning from Adamant Research's Tuur Demeester regarding Ethereum (ETH).
The Binance exchange reports that the current price of one Ethereum coin is 0.043 Bitcoin. Despite the introduction of spot-based Ether ETFs in the US by prominent firms like BlackRock and Fidelity, Ethereum did not undergo a significant surge.
According to U.Today, in the midst of a huge worldwide stock market crash earlier this month, which impacted the top cryptocurrencies as well, the ETH/BTC pair fell to a low of 0.04. Being in a risk-off atmosphere, altcoins naturally took a harder hit than Bitcoin.
Ethereum's Modest Recovery Doesn't Dispel Bearish Sentiment
The ETH/BTC pair has recovered over 15% since then. However, from its January 2024 high of 0.061, it is still 15% lower as of this writing.
The story has dominated cryptocurrency discussions ever since Ethereum came on the market.
A rival to Bitcoin, the Ethereum network saw meteoric growth in 2017 as a result of a slew of initial coin offers (ICOs).
Ethereum's Volatility Persists Despite Past Highs
The present-day high of 0.15 BTC in the ETH/BTC ratio was achieved in June 2017. Although initially successful, Ethereum's value plummeted by 80% compared to Bitcoin by the end of 2017. The Ethereum/Bitcoin exchange rate spiked back up to 0.12 BTC in January 2018.
This occurred at the very beginning of a severe market downturn. Although the popularity of non-fungible tokens (NFTs) gave the Ethereum network a second wind in 2021, the ETH/BTC pair only reached a high of 0.087 in December of that year.
After the entire impact of Ethereum is recognized, its CEO Nick Tomaino of crypto investment firm 1confirmation has forecasted that Ethereum's market cap will overtake Bitcoin's.
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