Ethereum ETH/BTC ratio has decreased by 77% since December 2021.
This decline has positioned the altcoin as a point of frustration for crypto traders.
Despite negative performance metrics, analysts suggest ongoing network developments may enable a future recovery.
ETH/BTC Ratio Faces Significant Drop
Sentiment analyst Brian Q reported on April 11 that the ETH/BTC ratio has fallen sharply since late 2021, frustrating long-term investors.
Individuals who purchased Ethereum near its $4,800 peak have not experienced profitable exits within the last three years.
Ethereum recently concluded its weakest first quarter in eight years, with a 45% decrease in value during the first three months of 2025.
This trend continued into April, with a nearly 19% drop in the token’s value in the past two weeks.
Furthermore, Ethereum’s performance over the past week lagged, falling by 14.6%, while the overall crypto market declined by only 4.1%.
Social Sentiment Reflects Market Concerns
Social media indicates trader dissatisfaction, with some referring to Ethereum as a “shitcoin.”
Others noted stronger returns from smaller altcoins. Critics attribute Ethereum’s underperformance to several factors.
Competition from Layer-2 solutions like Arbitrum and Optimism is drawing attention and capital away from Ethereum.
Delayed updates, including the postponed Pectra upgrade, also contribute.
Additionally, staking withdrawals after the Merge introduce consistent selling pressure, affecting Ethereum’s price.
Technical Progress Underpins Potential Recovery
Santiment argues that current market negativity obscures underlying progress within Ethereum.
According to the company, the network has finished intricate blockchain technology upgrades.
These upgrades could establish a base for future growth.
Since reaching its peak, Ethereum has revised its consensus mechanism, enabled staked ETH withdrawals, and is progressing with scaling via EIP-4844 proto-dank sharding.
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