ETH/BTC Pair Falls to 0.0375 BTC, Analysts Predict Continued Downtrend

• Ethereum’s ETH/BTC pair has dropped to its lowest level since April 2021, hitting 0.0375 BTC.
• Market analysts predict further declines, with a target of 0.036 BTC and a potential bottom in early 2025.
• Vitalik Buterin aims for Ethereum to reach 1,000 transactions per second, despite recent market struggles.

On October 23, the Ethereum (ETH) to Bitcoin (BTC) pair reached its lowest level since April 2021, falling to 0.0375 BTC. This drop marks a 55% decline from its peak, reflecting the ongoing downtrend for the second-largest cryptocurrency. 

Analysts Expect Further Decline

Market analyst Benjamin Cowen predicts that the pair may drop further, with 0.036 BTC now being the next likely target. He anticipates that the bottom of this multi-year decline may be reached in early 2025, potentially prolonging Ethereum’s struggle to regain strength against Bitcoin.

Further Volatility Possible

The current downtrend could further deepen, which will add more fluctuations to the market as pointed out by Chartist Aksel Kibar. Furthermore, Alex Thorn of Galaxy DIGITAL who is a head of research also points to the fact that 0.03 BTC is still in play signaling that a bearish run might still prevail in the short time.

Ethereums current price action has been rather bleak, especially after the minor reaction to several spot ETF launches in the United States, as well as the latest information that the Ethereum Foundation sold more of its ETH on October 23rd in response to the pressure.

The Ambitious Vision of Vitalik Buterin

Despite these challenges  Ethereum co-founder, Vitalik Buterin is still optimistic about the Ethereum network’s future. In the “Surge” direction within Ethereum’s developmental plan, the main target is to reach the rate of 1,000 transactions per second, which might have a positive impact on the rates of the Ethereum cryptocurrency in the future.