#BTC & ETH Market Analysis #April Market Outlook

Ethereum is at its lowest level against Bitcoin in 4 years.
Bitcoin and Ethereum took a severe hit on the last trading day of the week. The decline led by Bitcoin affected the entire market, with a total market value shrinking by 115 billion dollars in just one day. Particularly noteworthy is Ethereum's weak performance against Bitcoin, as the ETH/BTC pair has fallen to its lowest level in four years.

Bitcoin Could Not Resist, Ethereum Remained Weak
Bitcoin, which rose to levels of $88,000 during the week, dropped to $83,800 on Friday with a decrease of 3.8%. However, the most notable movement came from the Ethereum front. While ETH fell more than 6% against the dollar, its value against Bitcoin declined to this extent for the first time since May 2020.

Investor interest in Bitcoin has managed to stay alive recently thanks to ETFs, while things are not progressing at the same pace on the Ethereum front. Since the beginning of March, there has been no significant influx of funds into ETH ETFs. This situation weakens Ethereum's position in the market and causes the price to remain under pressure.

Global Markets Under Pressure
The decline on the crypto side is not limited to digital assets alone. Weak economic data released in the US also dragged down the stock markets. The S&P 500 index fell by 2%, while the Nasdaq dropped by 2.7%, and there were sharper losses in crypto-related stocks. MicroStrategy lost 10.8%, while it lost 7.77%.
The inflation data released in the US showed that annual inflation was 2.5%, while core inflation was 2.8%. These rates were above market expectations. Additionally, the weak consumer spending also raised concerns about growth. According to the Fed's GDPNow forecast model, the US economy could shrink by 2.8% in the first quarter of the year. Moreover, the new customs tariffs expected to be implemented on April 2 are another factor increasing anxiety in the markets.

Is the Bitcoin Decline an Expected Correction?
According to some experts, Bitcoin's pullback is not surprising. In particular, the closure of price gaps that have formed in the futures markets technically indicated that this correction was possible. When chain data is examined, it appears that Bitcoin is giving short-term recovery signals.

Despite this, analyst Michaël van de Poppe notes that the supports below $84,000 are weakening and selling pressure may increase. The view that Bitcoin could face strong support if it declines to the $75,000 levels is widespread. On the other hand, LMAX Group strategist Joel Kruger states that institutional interest in the crypto sector continues and that the likelihood of recovery in the later months of the year is strong.