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Ethereum price reaches lowest level relative to Bitcoin in 5 months

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The previous six months should have been extremely beneficial to Ether's (ETH) price, especially after the project's most significant upgrade ever in September 2022.

However, the reality was the opposite: between September 15, 2022, and March 15, 2023, Ether underperformed Bitcoin (BTC) by 10%.The price ratio of 0.068 ETH/BTC had been holding since October 2022, a support that was broken on March 15.

Whatever the reason for the underperformance, traders currently have little confidence in placing leverage bets, according to ETH futures and options data.But first, one should consider why Ether's price was expected to rise in the previous six months.

On September 15, 2022, the Merge, a hard fork that switched the network to a proof-of-stake consensus mechanism, occurred. It enabled a much lower, even negative, coin issuing rate.

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