Ethereum

Solana

Bitcoin

April

<p>Ethereum’s native token, Ether (ETH), recently fell below its longest-standing support level against Bitcoin (BTC), prompting top analysts to suggest it is “dying a slow death.”</p>
<h3 class="wp-block-heading" id="ether-breaks-key-support-level">Ether breaks key support level</h3>
<p>The ETH/BTC pair has slipped below the ascending trendline support that has marked market bottoms since 2016.</p>
<p>This trendline previously triggered notable rebounds, including a 300% rise between December 2020 and December 2021 and an 1,800% surge between January 2017 and May 2017.</p>
<p>However, in November 2024, Ethereum bulls failed to hold the support, with ETH/BTC dropping about 15% below it amid increased trading volumes.</p>
<p>In technical analysis, losing a major support level—especially with rising trading activity—signals strong selling pressure, indicating ETH/BTC may face further declines.</p>
<p>“Ethereum is dying a slow death,” commented Tuur Demeester, founder of Bitcoin hedge fund Adamant Capital.</p>
<h3 class="wp-block-heading" id="market-factors-favor-bitcoin">Market factors favor Bitcoin</h3>
<p>In 2024, ETH/BTC underperformed primarily due to the launch of spot Bitcoin exchange-traded funds (ETFs) in the U.S., which overshadowed Ethereum’s own spot ETF performance.</p>
<p>Additionally, Bitcoin’s fourth halving in April 2024 enhanced its appeal among both retail and institutional investors, leading to a capital shift away from Ethereum and into Bitcoin.</p>
<p>Ethereum also faced stiff competition from Solana (SOL), a rising smart contract platform.</p>
<p>Since December 2022, the SOL/ETH pair has surged over 925%, further eroding Ethereum’s market position.</p>
<h3 class="wp-block-heading" id="declining-dominance">Declining dominance</h3>
<p>Ethereum also missed key narratives, such as Donald Trump’s election campaign hinting at making Bitcoin a U.S. strategic reserve asset, with no mention of Ethereum.</p>
<p>These combined factors have contributed to a significant decline in Ethereum’s market dominance (ETH.D), which is now at its lowest level since April 2021.</p>

Ether is ‘Dying a Slow Death’ as ETH/BTC Continues to Fall

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