In April 2025, the ETH/BTC ratio has hit a staggering low, signaling that Ethereum is rapidly losing ground to Bitcoin. Currently, the ratio stands at 0.01787, a level not witnessed since January 2020. This sharp decline in the ETH/BTC ratio is a significant indicator of Ethereum’s ongoing struggles in maintaining investor interest compared to Bitcoin’s strengthening position as a preferred store of value.
The data from CoinGecko reveals that the ETH/BTC ratio has dropped nearly 5% in just 24 hours, 24% over the past month, and an alarming 67% year-on-year. Meanwhile, Bitcoin has surged by approximately 34% within the same timeframe, leaving Ethereum behind, with a staggering 50% loss in value. This disparity has left investors questioning the future of Ethereum amidst increasing competition from other blockchains.
Notably, Ethereum’s innovations, such as the Dencun upgrade, seem to have little impact on its market performance, with network fees dropping to multi-year lows and a significant decline in decentralized finance (DeFi) activity. This trend has allowed other platforms like Solana (SOL) and BNB Chain (BNB) to capture new liquidity, siphoning it away from Ethereum. Furthermore, the scalability benefits offered by Ethereum’s rollup-based approach have led many users to migrate to layer-2 solutions like Base and Arbitrum (ARB), which, although enhancing scalability, are currently detracting from ETH’s market value.
From a technical standpoint, Ethereum is currently trading at $1,587. The Relative Strength Index (RSI) indicates a position hovering just over 40, suggesting a reluctant entry into neutral territory. For the bullish trend to regain momentum, ETH must reclaim the 20-day moving average near $1,618 and breach the critical level of $1,650. Conversely, should it falter beneath the $1,550 support, potential declines could plunge towards $1,440.
While Ethereum undeniably plays a pivotal role within the crypto ecosystem, its nagging weaknesses relative to Bitcoin prompt speculation about the timeline required for bulls to regain control. If ETH can break above $1,700, it may trigger a rally towards $1,850, igniting renewed interest among investors.
