Most people have the mindset that the price of ethereum rises with bitcoin and vice versa. How true is this?
This is true, and it is because ethereum has trading pairs with bitcoin so anything that happens with bitcoin is bound to happen with ethereum. Most of the time the coin is following the price of bitcoin but there are a few exceptions where it does seem like ethereum breaks a little bit from bitcoin and goes its own way, which is what happened a couple of months ago when the price of ethereum went down