ETHBTC - likely bounce in mid-2025ETHBTC still has a long way down to go.
For ETH holders, it's been agonizing seeing BTC effectively ~5x since the bottom at 15k, while ETH has only done a ~2x.
And even now, it seems like retail traders are trying to catch the bottom on ETH - this is reflected on the higher funding rates on ETH compared to BTC, and the LS ratio seen on Exocharts. This likely will result in ETH falling more, especially if BTC shows weakness.
If anyone remembers bitcoin cash, people tried to continuously long it despite BCHBTC weakness. We all know what happened to BCH - multi year bear market and continuous weakness, and now no one really trades it anymore.
The same thing will probably be true for ETHBTC.
Still have another 20-40% down to go, and people are continuously trying to long ETH despite the trend being down for ETHBTC for the past 3 years.
The real ETH 'bull run' will probably be in mid-2025 when everyone forgets about ETH.
