Ethereum (ETH) Price Has Underperformed Bitcoin (BTC) This Cycle

The Ethereum price has underperformed this cycle. While the Bitcoin price reached a new all-time high, Ethereum did not.

The Ethereum (ETH) price has underperformed this cycle. While the Bitcoin (BTC) price reached a new all-time high, Ethereum did not. Instead, it reached a high of $4,107, which is 18% below its all-time high of $4,868.

This has caused the Ethereum to Bitcoin ratio (ETH/BTC) to trend downward for over 1,190 days. With ETH/BTC recently breaking down from a key horizontal support level, it is worth analyzing its price action to see where it can bottom.

ETH/BTC Downtrend Continues

The weekly time frame ETH/BTC chart shows that the price has trended downward for 1,190 days. The decline started with a high of ₿0.088 in December 2021.

Then, the price created a lower high of ₿0.085 in September 2022 before accelerating its downward movement.

The decline is the longest in history, surpassing the 805-day downward trend after the June 2017 all-time high of ₿0.157.

In 2025, the Ethereum price fell below the ₿0.027 horizontal support area. This area is critical since it has provided support and resistance since 2017.

The next closest support level is at ₿0.017, created by the current cycle’s low.

Technical indicators are bearish. The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) are falling. The RSI is below 30, while the MACD is negative, indicating a bearish trend.

So, the weekly time frame suggests Ethereum will continue losing ground against Bitcoin.

Ethereum Sentiment

Despite the massive decline and long downtrend, Ethereum enthusiasts still hope for a bullish trend reversal.

Crypto ELITES notes similarities between the 2017 and 2025 movements, suggesting a breakout is in store and will trigger the altcoin season.

Merljin , the Trader, notes a similar fractal , considering the current decline a fake-out that will lead to a massive pump.

TitanofCrypto suggests that whales are accumulating Ethereum , hence a significant price increase will occur soon.

CryptoFella tweeted a retest of a descending resistance trend line to predict a bounce, while Crypto Rover is bullish because of Donald Trump’s significant ETH allocation among its crypto holdings.

Therefore, despite its severe underperformance, Ethereum enthusiasts have not lost hope and believe a rally is just around the corner.

When Will Ethereum Bottom?

The long-term wave count suggests that the ETH/BTC price is in wave C of an A-B-C correction (red) that started after the all-time high. The sub-wave count is in black.

If the count is accurate, Ethereum is in sub-wave three of the five-wave decline. This is usually the sharpest portion of the downtrend, explaining Ethereum’s massive drop.

Giving waves W and Y the same length leads to a low of ₿0.009. While this will be the lowest price since 2017, it will not present a new all-time low.

Alternatively, closing above the ₿0.027 resistance will invalidate this count and instead suggest that the correction is complete. This currently seems unlikely.