According to CryptoQuant analysts, Ethereum has underperformed Bitcoin by 44% since its transition to a proof-of-stake consensus mechanism. The analysts added that despite the approval of Ethereum spot Exchange-Traded Funds (ETF) in the U.S. on July 23, Ether’s performance has continued to lag behind Bitcoin. The ETH/BTC price is currently at 0.0425, its lowest level since April 2021.
The analysts also suggested that Ethereum may experience further declines relative to Bitcoin, stating: “We estimate that Ether would need to drop to around 0.02 of Bitcoin’s price, or by 50%, to enter the undervalued zone.”
