Ethereum vs. Bitcoin Ratio Hits 5-Year Low Amid Market Shifts: Is This Your Last Buying Opportunity?

ETH/BTC dropped over 3.5% to 0.0225, hitting its lowest level since May 2020.
A bear flag breakdown suggests Ethereum could fall another 6% against Bitcoin in April.
ETH continues to underperform due to Bitcoin ETF hype, rising altcoin competition, and broader market stress.

Ethereum’s not having a good time against Bitcoin right now.

On March 28, the ETH/BTC pair dropped over 3.5% intraday, falling to around 0.0225 BTC—a level we haven’t seen since, uh, May 2020. That’s nearly four years ago. And if the charts are anything to go by, it might not stop there.

Bear Flag? Yep. And It’s Not Looking Great.

If you’re into chart patterns, here’s the scoop: ETH/BTC had been bouncing inside a rising parallel channel since early March. Classic bear flag behavior. Those things are usually just temporary upticks before a bigger drop—and now the price has broken below the lower trendline. That’s bad news for bulls.

Based on the technicals, the projected downside target sits around 0.021 BTC. So yeah, another 6% drop from here isn’t off the table.

Also, the pair is still way below both the 50-day EMA (0.02566) and the 200-day EMA (0.03338), which basically means: the downtrend’s still alive and kicking. The RSI’s near 33.5—close to being oversold, but not quite screaming “reversal” just yet.

So Why Is ETH Struggling?

Honestly… it’s been like this for a while.

Ethereum’s been underperforming Bitcoin since 2017, down a jaw-dropping 85% from its all-time high around 0.156 BTC. And lately? The pressure’s been piling on.

First, there’s the whole Bitcoin spot ETF hype—which obviously favored BTC big time. Then you’ve got competitors like Solana, Cardano, SUI, and others steadily grabbing attention (and market share). SOL especially has been gaining vs. ETH for months.

And then there’s macro stuff: Trump’s tariffs on China, Mexico, Canada (yes, again) are stirring up tension. In times like these, riskier assets—like Ethereum—tend to get dumped faster than Bitcoin, which people still see as the “safer” crypto bet. Kinda wild, but that’s where we’re at.

Oh, and ETH tends to mirror the stock market more closely than Bitcoin does. Its 52-week correlation with the S&P 500 was 0.69, meaning if stocks go south, ETH usually follows—and faster.