After trouncing Bitcoin in 2021, Ethereum is struggling to regain its momentum this year
That said, Bitcoin is far from being a safe haven in such an environment. The largest cryptocurrency is down 57.90% since the start of the year.
Ethereum's dismal price performance was partially caused by a seven-block deep reorganization that took place on the Ethereum Beacon Chain, which could merge with the main proof-of-work chain as early as this August, according to co-founder Vitalik Buterin. Developers attributed the event to a"non-trivial segmentation" rather than some sort of a fundamental flaw in the proof-of-stake chain. The Beacon Chain was launched in late December, introducing native staking.
The looming monthly options expiry, which is scheduled to occur this Friday, is also one of the main bearish catalysts, with bears looking to secure a nice payday.
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