Subscribe to Bankless or sign in
Deep Value Territory? ETH doomer boomers are out in full force after the ETH/BTC ratio took a turn for the worse, breaking below the key support at 0.05 to threaten 2024 lows. What happened in markets this week?
Alts found themselves in decline against 
Bitcoin on the week as BTC dominance rose by 2.2% to commence the second quarter, adding to Ethereum's problems, whose relative valuation against BTC had already slid throughout the majority of March.
It’s official. ✂️ pic.twitter.com/54PR6S9P59
— Bit Paine ⚡️ (@BitPaine) April 5, 2024
Downward pressure on the ratio has been largely attributed to the falling odds of spot ETH ETF approval, which continued to tank despite the hopes of many that the SEC’s efforts to solicit public comments on three applications this week marked a welcome departure from the prior lack of communication that has led many analysts to assume denial is imminent come May.
Given the overwhelming amount of pessimism on ETH’s spot ETF approval odds, it is certainly possible that the denial scenario has already been priced in.
ETH is a deep value bet at these levels.
— sassal.eth/acc 🦇🔊 (@sassal0x) April 5, 2024
The fud around Ethereum+ L2's and ETH as an asset is just too damn high and almost all of it doesn't even make any sense.
TheEthereum ecosystem is the strongest it has ever been - this is an objective truth.
Long Ethereum; long ETH!
Some see deep value at the currently depressed levels and have no problem expressing their bullishness on ETH at a time when its L2 ecosystem is flourishing, enjoying massive increases to active users and total transactions processed thanks to tailwinds from data cost reductions.
While the prices of TradFi indices have ascended practically uninterrupted for the past 5 months, the broad market S&P 500 reversed by over 2% mid-day Thursday and posted the largest single day decline in 6 months.
The biggest question now is this for $SPX:
— Frank Cappelleri (@FrankCappelleri) April 5, 2024
🔴 Was yesterday’s bearish engulfing pattern more like 7/27/23, which led to the 11% correction over the ensuing three months?
Or…
🟢 Will it turn into something like the 12/20/23 version, which now is undetectable within the… pic.twitter.com/I4pcVWVVbC
