Ethereum is losing a key support level against its larger crypto rival, Bitcoin , amid a broader crypto market selloff that began on Monday.
The last time the ETH/BTC ratio traded so low was in January, after a brief crypto market selloff after Bitcoin ETFs went live. The second-largest crypto asset has steadily lost ground to Bitcoin since mid-March, shortly before the latter tapped a new all-time high above $73,000 and corrected over the following weeks.
Last week, Galaxy Digital Head of Research Alex Thorn predicted that ETH/BTC had not yet reached its yearly lows.
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