Ethereum (ETH) Price is Flying in an Open Peak Downward Against Bitcoin (BTC)

While the price of Bitcoin (BTC) is dramatically updating historic high after high, just as dramatically, the price of Ethereum (ETH), the leading altcoin on the crypto market, is flying in an open peak downward against the major cryptocurrency.

The price of Ethereum (ETH) has taken a beating against Bitcoin (BTC) in 2023, reaching its lowest level in almost four years.

As per data from CoinGecko, ETH began the year trading at 0.0756 BTC. However, by March 7, the altcoin had lost 46.99% against BTC from the high of the year, hitting 0.03187 BTC per Ethereum.

This significant decline in ETH's value against BTC has sparked discussions and mockery, given that the asset was once touted to flip Bitcoin.

Reacting to the development in an unusual manner, veteran financial markets trader Peter Brandt highlighted the crucial level of dynamic support that ETH's price has approached, dating back to 2017.

A letter from the grave???? $ETHBTC pic.twitter.com/FALauZ8M7R

This is either the moment among the last seven years for the major altcoin to prove haters wrong or kill what was once a nearly 559 billion dollar asset, and that is not counting the roughly $120 billion ecosystem. More to the point, Ethereum is still an asset of at least $376.57 billion, according to CoinMarketCap data, and $34.77 billion in daily volume.

The poor performance of ETH has led to increased attention being paid to other crypto assets, such as Solana (SOL). Despite the negative sentiment surrounding the main altcoin, it remains a key topic of discussion among traders and investors, particularly those who have experienced significant losses in the Ethereum ecosystem tokens.

Meanwhile, the SOL token is nearing an all-time high in its value, which has been accompanied by widespread enthusiasm.