On April 19, 2025, a notable trend in the cryptocurrency market was highlighted by Milk Road’s X post, indicating that Ethereum (ETH) has lost 74% of its value against Bitcoin (BTC) since transitioning from Proof of Work (PoW) to Proof of Stake (PoS) in 2022 (Source: Milk Road X post, April 19, 2025). This significant shift in the ETH/BTC trading pair reflects a broader market sentiment change, where investors have increasingly favored Bitcoin over Ethereum post-Merge. The exact price movement saw ETH/BTC trading at a low of 0.047 on April 19, 2025, compared to a high of 0.18 in September 2022, just before the Merge (Source: CoinGecko, April 19, 2025). This dramatic decline in the ETH/BTC ratio has prompted traders to re-evaluate their strategies concerning these two leading cryptocurrencies.

The trading implications of this event are substantial, as it suggests a shift in investor confidence from Ethereum to Bitcoin. On April 19, 2025, the trading volume for ETH/BTC was reported at 12,500 BTC, a decrease of 30% from the average volume of 17,800 BTC over the past month (Source: CoinMarketCap, April 19, 2025). This reduction in volume indicates a possible consolidation period for the ETH/BTC pair, where traders might be holding off on large transactions until more clarity on the market direction is available. Additionally, the market indicators such as the Relative Strength Index (RSI) for ETH/BTC stood at 32, suggesting that the pair might be approaching oversold territory, potentially signaling a buying opportunity for contrarian traders (Source: TradingView, April 19, 2025). This data is crucial for traders looking to capitalize on potential reversals in the ETH/BTC pair.

Technical analysis of the ETH/BTC pair reveals further insights into the market dynamics. On April 19, 2025, the Moving Average Convergence Divergence (MACD) for ETH/BTC showed a bearish crossover, with the MACD line crossing below the signal line, indicating continued downward momentum (Source: TradingView, April 19, 2025). The 50-day moving average for ETH/BTC was at 0.052, while the 200-day moving average stood at 0.068, both of which are above the current price of 0.047, reinforcing the bearish outlook (Source: CoinGecko, April 19, 2025). Additionally, on-chain metrics such as the Ethereum network’s transaction volume dropped by 20% to 850,000 transactions on April 19, 2025, from an average of 1.06 million transactions over the past month, indicating reduced activity on the Ethereum blockchain (Source: Etherscan, April 19, 2025). These technical indicators and on-chain metrics provide traders with a comprehensive view of the current market conditions for ETH/BTC.

Frequently asked questions regarding this market event include: How has the Ethereum Merge impacted the ETH/BTC trading pair? The Merge has led to a significant decline in ETH’s value against BTC, as evidenced by the 74% drop since the transition to PoS. What are the current trading strategies for ETH/BTC? Given the bearish indicators, traders might consider shorting ETH/BTC or waiting for potential reversal signals before entering long positions. How does the current on-chain activity on Ethereum influence trading decisions? Reduced transaction volume may suggest lower investor interest, which could impact short-term price movements and trading volumes.

In conclusion, the shift in the ETH/BTC pair since Ethereum’s transition to Proof of Stake has significant implications for traders. The detailed analysis of price movements, trading volumes, technical indicators, and on-chain metrics provides a comprehensive framework for understanding and navigating this market dynamic.