Ethereum Price Drops Against Bitcoin For The First Time In 7 Weeks!

The cryptocurrency market is back in the red zone as both Ethereum (ETH) and Bitcoin (BTC) are pulling back. Ethereum price dropped relative to Bitcoin for the first time in 7 weeks!

The cryptocurrency market has returned to the red zone as both Ethereum (ETH) and Bitcoin (BTC) have retreated, but ETH has been slightly worse off than BTC for the first time in nearly two months.

ETH in Bad Situation

Ethereum price dropped relative to Bitcoin for the first time in 7 weeks!
Christophe Barraud, chief economist, strategist and top forecaster at Bloomberg, announced on August 18 that Ethereum lost value faster than Bitcoin for the first time in seven weeks, based on the weekly change in the Ether-Bitcoin cross rate.

However, the second-largest token has received striking support from the attention surrounding the upcoming Merge upgrade, which is scheduled for mid-September and will officially mark the network's transition from Proof-of-Work (PoW) consensus to Proof-of.

Correlation With Equities Remains High

On-chain social metrics platform Santiment is better than Bitcoin in the recovery, despite the drop relative to BTC, as both remain largely correlated with S&P 500 stocks after the better-than-expected data report on Ethereum, the Consumer Price Index (CPI) or inflation. performed.

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A very hated move (for most) since markets hit bottom in mid-June and left the marginalized people in the dust. But not all rallies are equal, BTC underperforming. Instead, ETH is leading the recovery as we get closer to consolidation.

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