Ethereum’s performance against Bitcoin has slipped back to a historically sensitive area, reviving debate over whether the market is signaling continued weakness or setting up for a rotation. A new ETH/BTC analysis from the crypto analyst known as BLADE highlights a stretch of 14 consecutive lower closes on the pair and a return of momentum indicators to levels last seen around February, when Ether subsequently began to outperform.
ETH/BTC Extends Slide to Multi-Month Low
According to BLADE’s chart, ETH/BTC broke down after weeks of steady underperformance, dropping from above 0.0313 in April to below 0.027 by May. That decline marked the lowest reading since July 2025 and underscored that Ether has been losing ground not only in U.S. dollar terms but also relative to Bitcoin.
The latest downswing included 14 straight lower closes, a rare sequence that often reflects capitulation pressure. The most recent red candle formed a doji—typically a sign of indecision—followed by a green candle, hinting at an attempt to stabilize. As of the latest reading, the pair traded near 0.02835, roughly 35% below its August 2025 peak around 0.0434.
Momentum Returns to February Support Zone
BLADE’s analysis emphasizes the ETH/BTC relative strength index (RSI), which has fallen back toward the lower-30s zone that aligned with the pair’s February low. RSI is a widely used momentum gauge; readings near 30 can indicate oversold conditions. Earlier this year, a similar setup coincided with a subsequent period of Ether outperformance versus Bitcoin, during which ETH later rallied above $2,450.
What to Watch Next
The near-term focus is whether ETH/BTC can halt the sequence of lower closes and reclaim the breakdown area, which would signal improving relative strength for Ether. The analyst also flagged broader market context: Bitcoin recently slipped below $70,000, while Ether briefly traded under $2,000, adding macro pressure across majors.
While the current structure is not identical to August 2025, the rhythm is comparable: a stretched drawdown into a well-watched momentum zone. If ETH begins to attract stronger inflows relative to BTC and the pair rebuilds above former support near 0.0313, it could mark the start of another rotation. Until then, price action remains driven by whether sellers exhaust and whether broader market risk stabilizes.