The price of Ethereum (ETH) has dropped over 30% in the past 30 days, resulting in its performance against Bitcoin (BTC) reaching its lowest level since January 2021. Selling pressure has intensified, leading to key technical indicators pointing towards a prolonged bearish trend. ETH broke below a lower trend line in late February and has been in a downtrend since then, currently trading at $2,089, the lowest since December 2023. The ETH/BTC ratio, which measures how much BTC is needed to purchase one ETH, has also decreased to its lowest level since January 2021. The increase in ETH's circulating supply, along with broader bearish macro trends, has contributed to the downward pressure on its price. If the selling momentum continues, ETH could decline further and potentially break below $2000, but a resurgence in demand could lead to a rally towards $2,223.



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