[Analysis] "ETH/BTC ratio drops 5.8% over 60 hours…Possibility of entering second bullish phase"
Suehyeon Lee
Summary
- It was reported that the price ratio of Ethereum (ETH) to Bitcoin (BTC) decreased by 5.8% over the past 60 hours.
- Santiment noted that this trend is similar to early May, when there was a sharp rise in trading volume due to FOMO, followed by the formation of local peaks.
- It was predicted that if trading and social mention volumes decrease during the rest of this week, the probability of entering a second bullish phase could increase.
The price ratio of Ethereum (ETH) to Bitcoin (BTC) dropped 5.8% over the past 60 hours, and this is being interpreted as a signal of correction ahead of a second rally.
On the 24th (local time), Santiment stated on X, "The price ratio of Ethereum (ETH) to Bitcoin (BTC) has dropped 5.8% in the last 60 hours. This trend resembles the pattern seen at the beginning of May, when local peaks formed after a surge in trading volume driven by FOMO."
It further noted, "If trading and social mention volumes decline for the rest of this week, there is a higher probability of re-entering a second bullish phase, due to retail investors' impatience and profit-taking sales."
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.![[Exclusive] FSS to examine ZKsync coin that surged '1,000%' in three hours](https://media.bloomingbit.io/PROD/news/1da9856b-df8a-4ffc-83b8-587621c4af9f.webp?w=250)
