Ethereum is back at a point on its Bitcoin pair where the price action has always started to ask a dangerous question: is ETH still weak, or is it being priced for another rotation?
A new ETH/BTC chart shared by crypto analyst BLADE shows Ethereum falling through 14 straight lower closes against Bitcoin, taking the pair below the same relative strength zone during its February low. The setup matters because the last visit to that area came at a moment of heavy pessimism around Ethereum. A few weeks later, ETH began to outperform Bitcoin, and the move eventually carried Ethereum above $2,450.
BLADE’s analysis focuses on the Ethereum/Bitcoin pair, where ETH has moved into a clear short-term breakdown against BTC after weeks of steady underperformance. The pair was trading above 0.0313 in April, but that level gave way as sellers continued to pressure Ethereum relative to Bitcoin.
By May, ETH/BTC had fallen below 0.027 after recording 14 consecutive lower closes, dragging it to its lowest level since July 2025. That decline means that the Ethereum price has not only been falling in dollar terms or struggling with the broader crypto market but has also been losing ground directly against Bitcoin.
However, the most recent red candle on the ETH/BTC pair turned out to be a doji candlestick, which is the ultimate candlestick of indecision. The current candlestick is still green, and the Ethereum price is now in a position of outperforming the Bitcoin price.
Interestingly, the deeper point in BLADE’s analysis is where the decline has brought the pair. The ETH/BTC RSI has returned to the same support zone that appeared around the February low, near the lower 30s on the indicator. That zone is highlighted on the chart below as the area where momentum became stretched enough in February for Ethereum to begin recovering against Bitcoin.
At the time of writing, the ETH/BTC pair is trading at 0.02835, which is about 35% below its August 2025 high of 0.0434. This was the last time the Ethereum price was in a period of peak outperformance against Bitcoin, and it led to a breakout above $4,000 and its current all-time high of $4,946.
Ethereum’s current setup is not identical to August 2025, but the rhythm is similar enough. The pair has returned to the same momentum support area, and the lower-close sequence has become stretched. The pair now needs to stop printing lower closes and reclaim the breakdown zone, and Ethereum starts seeing more inflows compared to Bitcoin, especially as BTC has now broken below $70,000 in the past 24 hours.
However, Ethereum has not been immune to the broader market weakness either, with ETH also falling below $2,000 in the past 24 hours.
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