NAIROBI (CoinChapter.com) — 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. This drop comes amid heightened market volatility and a sharp pullback in both cryptocurrencies, as Ethereum faces continued resistance at the $2,800 level.
Ethereum Faces Continued Downtrend Against Bitcoin
The ETH/BTC trading pair shows a clear downtrend, with technical analysts sounding the alarm. Crypto analyst Michaël van de Poppe has described the chart as “disgusting,” pointing out that Ethereum’s price action continues to weaken despite its expanding fundamentals.
Adding to the concern, Ethereum’s 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%. It reached 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, holding the largest on-chain ETH/BTC long position, continued reducing his exposure as Ethereum’s price slid further against Bitcoin. Ember monitoring revealed 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 ratio 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 struggles to rebound.
Altcoin Season May Provide Rebound Potential in 2025
Despite 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.
Aksel Kibar, a technical analyst, warned that Ethereum’s weakness against Bitcoin could accelerate if volatility continues. However, the broader market outlook, particularly in post-halving periods, supports the potential for Ethereum to regain 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.
Ethereum’s struggle against Bitcoin continues as it hits a three-year low in the ETH/BTC pair. While analysts like van de Poppe remain optimistic about Ethereum’s medium-term potential, the current downtrend and growing volatility in the crypto market call for caution. Whether or not Ethereum can stage a rebound against Bitcoin in 2025 largely depends on its ability to stabilize and capitalize on the post-halving altcoin season.
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