Ethereum (ETH), the second largest cryptocurrency by market capitalization, fell sharply against Bitcoin (BTC). According to Alex Thorn, Galaxy’s Head of Research, Ethereum reached a fresh low of 0.02210 BTC per ETH, showing a 74% decline since moving from Proof of Work (POW) to Proof of Stakes (POS).
ETHBTC made a fresh low value of 0.02210
Ether has dropped 74% against Bitcoin since switching from work proof to pile proof pic.twitter.com/qrrwzdashi
– Alex Thorn (@intangiblecoins) March 28, 2025
Ethereum is bolstering some of the most commercially important decentralized finance solutions in the digital asset market. In September 2022, Ethereum moved from Proof of Work (PoW) to the Sport-of-Stake (POS) consensus mechanism through the “The Merge” upgrade.
Ether’s performance, the token of Ethereum, highlights the bearish outlook. Concerns about Ethereum’s leadership and strategy have led to a decline in tokens down approximately 47% over the past year. Bitcoin hit its all-time high in January, but Ethereum remained away from its all-time high.
US exchange trade funds investing directly in Ethereum have recently highlighted the uncertain demand for cryptocurrency, the longest daily withdrawal since its debut in July 2024.
In line with a similar policy, Standard Chartered reduced its year-end Ethereum price forecast to $4,000 by 60%, citing concerns about Ethereum scalability.
Will the reversal come?
Ethereum has shown significant losses compared to Bitcoin over the last 24 hours. At the time of writing, BTC fell 2.15% to $85,123 over the past 24 hours, while Ethereum fell 6.44% to $1,889 over this time frame.
Ethereum’s performance against Bitcoin has been steadily decreasing, with no signs of breaking the pattern yet, but it can be reversed if a critical level of support holds. If ETH is seen as a fall in new investors’ profits or control of Bitcoin, a potential recovery could occur, allowing Ethereum to regain the lost ground.
Traders are looking for signs or additional breakdowns of recovery in the ETH/BTC ratio. Until then, Ethereum was in critical condition, waiting for the next major move.
Future Pectra MainNet upgrades scheduled tentatively for April 30th could help boost ETH sentiment in the short term.
