Ethereum (ETH) Hits 3-Year Low Against Bitcoin (BTC), Faces Continued Downtrend

Ethereum (ETH) has hit a three-year low against Bitcoin (BTC), with the ETH/BTC pair falling to 0.0377—levels not seen since April 2021.

Ethereum (ETH) price slid further against Bitcoin (BTC) on Monday, hitting a three-year low as the ETH/BTC pair fell to 0.0377. This downtrend sparked concern among technical analysts.

The ETH/BTC trading pair has been on a clear downtrend, leaving technical analysts worried. Crypto analyst Michaël van de Poppe described the chart as "disgusting," highlighting that Ethereum’s price action continues to weaken despite its expanding fundamentals.

Adding to the concern, Ethereum price fell 5.3% within 24 hours, according to CoinGecko, while Bitcoin slipped 2.3% to $66,000. This decline pushed the ETH/BTC ratio below 0.038, deepening the bearish trend.

Not only did Ethereum struggle against Bitcoin, but it also underperformed against Solana. The SOL/ETH trading pair surged 6.3%, reaching a new all-time high amid renewed debates about Ethereum’s roadmap and its ability to compete with emerging networks.

Analyst Brian Rudick of GSR pointed out that Ethereum’s underperformance should not be viewed in isolation. He noted that both Bitcoin and Solana were influenced by major events — Bitcoin’s spot ETF success and Solana’s recovery from the FTX collapse — while Ethereum lacked similar catalysts.

Major Trader Reduces ETH/BTC Position Amid Decline

James Fickel, who holds the largest on-chain ETH/BTC long position, continued reducing his exposure as Ethereum price slid further against Bitcoin. Ember monitoring showed Fickel sold 2,000 ETH (about $5.06 million) for 76 WBTC just hours before the ETH/BTC pair hit its lowest point. Over the past two and a half months, Fickel has sold 43,600 ETH in total, exchanging it for 1,766 WBTC ($118.9 million).

Fickel's position peaked in May when he borrowed 2,987 WBTC ($204.7 million) from Aave to buy ETH at a 0.054 ratio. As the ETH/BTC rate kept falling, he started selling in August to repay his loan. With 1,221 WBTC still on loan, Fickel's actions reflect caution among large traders as Ethereum price struggles to rebound.

Altcoin Season May Provide Rebound Potential in 2025

Despite the current bearish trends, Ethereum could find renewed strength during the next altcoin season following Bitcoin’s halving in 2025. Historically, altcoins, including Ethereum, have gained momentum post-halving, as capital shifts from Bitcoin to major altcoins.

A fractal analysis of previous post-halving cycles suggests that the ETH/BTC pair rebounds during this altcoin season. In 2017 and 2020, Ethereum gained momentum following Bitcoin’s rally. This led to a rise in the ETH/BTC ratio. This pattern could repeat, supporting the idea of an ETH/BTC rebound after Bitcoin’s next halving.

However, technical analyst Aksel Kibar warned that Ethereum's weakness against Bitcoin could accelerate if volatility continues. But the broader market outlook, especially in post-halving periods, supports the possibility of Ethereum recovering some lost ground.

Michaël van de Poppe remains optimistic. He notes that if Ethereum can defend its key support levels — particularly $2,700 — it may have a chance to retest higher levels, such as $3,000 to $3,200. However, Ethereum must break through current resistance to shift sentiment from bearish to bullish.