ETH/BTC Ratio Hits 4-Year Low – What’s Next for Ethereum?

The ETH/BTC ratio has hit a four-year low, clearly signaling the onset of a long-term bearish trend.

At this point, I wouldn't even suggest the usual advice to "buy the dip." The issue is deeper: there are currently no fundamental reasons driving new buyers toward Ethereum.

Ethereum has always struggled with a clear and consistent narrative within the crypto industry. Since its inception, its developers have cycled through multiple narratives to define Ethereum's core identity:

• Bitcoin 2.0
• The World Computer
• Platform for decentralized autonomous organizations (DAOs)
• Crypto crowdfunding (ICO) platform
• Decentralized Finance (DeFi) hub

After that, ETH demand surged again twice: first with the NFT boom in 2021-2022, then with the points-farming and retrodrop craze of 2022-2023. But now, for over a year, all these narratives have dried up - and with them, demand for ETH itself. Everyone who intended to buy ETH has already done so during one of these previous waves, and new buyers simply aren't appearing.

Yet, credit where it's due: Ethereum’s marketers excel at crafting narratives that genuinely drive demand. The examples above are strong evidence of this.

But without a fresh narrative, there's little reason to expect a new wave of growth anytime soon. Perhaps it's time to exchange your ETH for something currently in higher demand. Rabbit.io is here to help, offering over 8,000 cryptocurrencies at the best rates available.

Ethereum itself isn’t going anywhere. It functions perfectly well even at these lower price levels. After all, the biggest stakeholders acquired their ETH during the pre-mine at prices so low they're almost unimaginable today. Current prices remain highly profitable for them.