Ethereum has broken a support level it has held since November 2021 on the ETH/BTC chart. Ethereum, the world’s second-largest cryptocurrency by market cap, has fallen against Bitcoin by more than 20% since its peak in December.
Source: TradingView
Fear of The Merge
Ahead of The Merge earmarked for August this year, Ethereum has fallen to its lowest level this year compared to Bitcoin. The above chart illustrates how Ethereum has fallen to just 0.06 BTC per coin after breaking support of 0.065.
While it has already recovered 4% from its intraday low, the decline may indicate a trepidation for what will become of the chain after it moves to proof of stake. As some investors are commenting, participation in the Ethereum network is down, with many key KPIs showing bearish signals.
“Active wallets stagnant
NFT hype dead
LP trading volumes trending poorly
Liquidity shrink in stables
L2 cannibalization growing”
TaschaLabs from Soundwise went as far as to say, “will Eth outperform new
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