Ethereum Keeps Plunging Against Bitcoin

On Oct. 23, the ETH/BTC pair reached its lowest level since April 2021, plunging to just 0.0375 BTC. It has now fallen by 55% from its record high. 

Market analyst Benjamin Cowen has predicted that 0.036 BTC could now be the next stop. 

He expects the pair to reach the bottom of the ongoing multi-year downtrend in early 2025. 

Chartist Aksel Kibar believes that the current downtrend could accelerate with more volatility. 

Alex Thorn, head of research at crypto-focused financial services firm Galaxy Digital, has opined that 0.03 could still be "in play." 

Meanwhile, Solana (SOL) recently managed to reach a new all-time high against ETH, with some speculating that the former might end up replacing Ethereum. However, such a scenario remains rather far-fetched for now. SOL and ETH are worth $302 billion and $81 billion, respectively, according to CoinGecko data.      

On Oct. 23, the Ethereum (ETH) price slipped lower amid reports that the Ethereum Foundation sold another batch of ETH tokens. 

The second-largest cryptocurrency has been struggling to regain its mojo after the underwhelming performance of multiple spot ETFs in the US. 

The ETH price is also suffering from other challenges such as the dominance of layer-2 solutions that divert value activity away from the main altcoin.  

That said, co-founder Vitalik Buterin has recently shared some ambitious goals that are set to be achieved within Ethereum's roadmap. One of these goals is reaching 1,000 transactions per second as part of the "Surge" track.