#我在Gate广场过新年 Long-term Perspective: At this price level, Ethereum is basically unshoppable!
Recently, the crypto market experienced a sharp decline, with the ETH/BTC exchange rate once touching 0.0237, hitting a nearly 5-year low. The price has almost returned to the level before the 2020 bull market started. Starting from September 1, 2022, ETH against BTC has fallen a total of 73%. Such a deep correction has only occurred in 2018-2019 in history, and after that major drop, a clear mid-term bottom was formed.
Currently, market sentiment is extremely pessimistic. The valuation of most altcoins