The ETH/BTC ratio has gone nowhere for nearly two months — and that stagnation is telling.
Since October, $ETH has consistently underperformed $BTC, even during broader market strength. Capital hasn’t left crypto, it’s rotated — and Ethereum is feeling that pressure.
Why ETH is lagging Alternative L1s are absorbing mindshare and liquidity. $SOL, $SUI, and $TON continue to attract developers, users, and speculative flows that once defaulted to Ethereum. Grayscale recently flagged this shift, noting that ETH now faces sustained competition across multiple fronts, not just short-term hype cycles.
What could change the trend The upcoming Fusaka upgrade (December) is the next real catalyst. If the upgrade delivers measurable improvements and revives activity, the ETH/BTC ratio could finally attempt a reversal. If not, ETH risks staying rangebound while capital favors faster-growing ecosystems.
Levels to watch On ETHUSDT Perpetual, price is hovering near 3,116 — a zone where momentum has stalled repeatedly. A clean push with volume could signal renewed interest. Continued rejection, especially if BTC remains strong, keeps pressure on the ratio.
Trading takeaway This is a relative-value setup, not a headline trade. ETH needs a narrative and confirmation to outperform again. Until then, ETH/BTC remains a patience trade — one that demands close attention to how price reacts around the upgrade window.
Not financial advice.
