How low can Ethereum price drop versus Bitcoin amid the DeFi contagion?
— Ethereum, Defi, Source, Low, Btc, Versus, Decline, Crypto, Tvl, Ethbtc, Contagion, Amid, Price, Drop, Bitcoin — 1 min read
ETH/BTC has declined by more than 35% against Bitcoin (BTC) since December 2021. Bitcoin has faced smaller downsides compared to Ether in the ongoing bear market. Bitcoin-focused investment funds have seen inflows of $480 million year-to-date, showing that BTC's drop has done little to curb its demand among institutional investors. Bitcoin's price has dropped nearly 70% to around $21,500 since November 2021, versus Ether's 75% drop in the same period. The pair has been holding above a support confluence defined by a rising trendline, a Fibonacci retracement level at 0.048 BTC and its 200-week exponential moving average. Source