Crypto asset management firm Bitwise analysis points out that Ethereum is currently in one of the "deepest undervaluation ranges in years". Andre Dragosch, head of European research at Bitwise, said that Ethereum is "fundamentally pricing biased" relative to on-chain activity and adoption metrics. The data shows that the ratio of Ethereum to Bitcoin has fallen to 0.027, down 47% from the same period last year. Although Bitcoin is up 3.72% this year, Ethereum is down 20%. However, Bitwise analysis said that historical data shows that Ethereum has posted positive returns against Bitcoin in February in seven of the past eight years, which may indicate an imminent rebound.