The Ethereum price has underperformed this cycle. While the Bitcoin price reached a new all-time high, Ethereum did not. Rather, it culminated with a high of $4,107, 18% below its all-time high of $4,868.
This has caused the Ethereum to Bitcoin ratio 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 area 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
Ethereum enthusiasts still hope for a bullish trend reversal despite the massive decline. CryptoELITES notes similarities between the 2017 and 2025 movements, suggesting a breakout is in store and triggering the altcoin season.
Merljin , the Trader, notes a similar fractal , considering the current decline a fake-out that will lead to a massive pump.
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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 the correction is complete. This currently seems unlikely.
Ethereum Underperforms Bitcoin
The Ethereum price has lost ground against Bitcoin for over 1,100 days. The price action and indicator readings suggest this will continue for the rest of the year. A potential level for a bottom is at ₿0.009.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
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