Ethereum drops to lowest level against Bitcoin since October 2021 and the value relative to that of BTC is dropping sharply so let’s read more today in our latest Ethereum news.
The altcoins are bleeding out as most of the market took a leg down in the past day and this caused bitcoin’s dominance to surge to new highs that were not seen since last year. Ethereum’s price relative to Bitcoin dropped to the lowest point since last year and at the time of writing, ETH traded at 0.0629 BTC which lastly was recorded in October 2021. in the meantime, today’s pullback saw the ETH dollar value drop by 7% and left some $86 million in liquidated positions.
As a matter of fact, in the past day, the most liqudations were of ETH contracts and the biggest single liquidation order took place on OKEX and was an ETH/USDT swap with a face value of $2.24 million. The ETH decline came amid the broader market pullback where the altcoins are bleeding out. This led to a huge increase in Bitcoin’s dominance which is a metric that gauges BTC’s share relative to the one of the market so, at the time of writing, it is at the highest point since October last year.
Ethereum remained stable above $1920 support zone and the price is now trading near the $2000 and 100 hourly simple moving average. There was a break above the major bearish trend line with resistance near $1980 on the hourly charts of the ETH/USD pair. The pair can rise further but the $2085 zone is a possible hurdle.
Ethereum extended the decline after breaking the $1950 support and the 100 hourly simple moving average but the bulls are taking a stronger stand near the $1920 support. A new low was formed near $1911 and the price launched a new recovery wave. There was a move above the $1950 and the $1960 resistance levels while ETH climbed above the 50% fib retracement level from the move of $2083 high to $1911 low. There was a break above the major bearish trend line with the resistance near $1980 on the hourly charts of the pair while the ETH price is trading above $2000 and the 100 hourly simple moving average.
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