Ethereum, Bitcoin Ratio Plunges to May 2020 Lows — And There Are More Losses Ahead

The Ethereum-to-Bitcoin (ETH/BTC) trading pair plunged by over 3.50% intraday to reach $0.0225 on March 28, its lowest level since May 2020. The strong decline further validated a bearish continuation setup, opening the door for deeper downside moves in April 2025.

ETH/BTC Bear Flag Hints 6% Decline in April

Technical analysis of the daily chart reveals a classic bear flag breakdown. ETH/BTC had been consolidating within a rising parallel channel since early March, a pattern often seen as a continuation formation.

However, the breakdown below the lower trendline confirms renewed selling pressure. The bearish target for the breakdown is around 0.021 BTC, a level measured after subtracting the previous downtrend’s height from the breakdown point.

In other words, Ethereum may dip another 6% versus Bitcoin in April, when compared to current levels.

Adding to the bearish outlook, the pair remains well below both its 50-day (0.02566) and 200-day (0.03338) exponential moving averages (EMAs), indicating a firmly entrenched downtrend. The daily RSI hovers near 33.5, approaching oversold territory but not yet signaling a reversal.

Why is Ethereum Underperforming Bitcoin?

Ethereum has underperformed Bitcoin since June 2017, now down 85% from its record high of around $0.156. The downtrend has escalated particularly in recent months after the launch of Spot Bitcoin exchange-traded funds (ETF) in the US and the rise of Ethereum’s rivals like Solana, Cardano, and SUI, amongst others.

Escalating trade tensions, such as Trump’s tariffs on Mexico, Canada, and China, alongside retaliatory measures, have further rattled crypto markets.

Risk assets, including cryptocurrencies, often face sell-offs in such climates, but Ethereum tends to underperform Bitcoin when investors turn risk-averse. The correlation between crypto and traditional markets like the S&P 500 (noted at 0.69 over 52 weeks in prior analyses) supports this, as stock market declines could amplify pressure on ETH more than BTC.