Here is why ETH's ‘brutal stumble’ looks exactly like the start of the last bull run: Asia Morning Briefing
The ETH/BTC ratio's recent pattern mirrors the setup before the last major crypto bull run, suggesting potential for rapid upside.Summary
The Asia Morning Briefing suggests that the recent 'brutal stumble' in Ethereum relative to Bitcoin (ETH/BTC ratio) resembles the pattern preceding the last major crypto bull run. Historically, ETH bottomed against BTC about nine months before gold peaked, followed by a 30%-40% relative crash, which ultimately marked the bottom before a 300%+ surge against Bitcoin. Currently, the ETH/BTC chart hit a relative low about nine months before gold's recent high and has already dropped around 31%, aligning with this historical drawdown range. The 'Year of the Horse' metaphor implies potential for quick directional changes and momentum. While traders are still buying downside protection, the urgency has lessened, and factors like institutional gold demand provide a floor. If liquidity stabilizes and Bitcoin's dominance wanes, capital rotation into higher-beta assets like Ethereum could accelerate rapidly, suggesting the market is poised to 'gallop' rather than limp.
(Source：CoinDesk)