FameEX Hot Topics | Ethereum Hits Price Ratio With Bitcoin That Once Led to 450% Jump

Ethereum is nearing a critical price level against Bitcoin, reminiscent of a setup that preceded a major rally in 2019. The ETH/BTC pair is currently trading around 0.019 BTC and approaching 0.016 BTC—the same level it bottomed at in September 2019 before skyrocketing nearly 450% over the following year. Analysts point to a similar technical structure now, marked by an oversold Relative Strength Index (RSI), sustained weakness below key moving averages, and a prolonged multiyear downtrend.

In 2019, Ethereum had plunged over 90% from its peak, primarily due to the collapse of the initial coin offering (ICO) bubble. Now, in 2025, the ETH/BTC pair has declined over 80% from its 2021 high. This latest downtrend has been driven by skepticism around Ethereum’s transition to proof-of-stake (PoS), intensifying competition from rival blockchain platforms, and Bitcoin’s growing dominance as an institutional-grade asset. To address mounting concerns, Ethereum co-founder Vitalik Buterin has proposed a new architectural framework designed to simplify the network, boost performance, and make Ethereum as sustainable as Bitcoin within five years.

Bullish momentum is tentatively forming as ETH/BTC challenges the upper boundary of a multi-year “bearish parabola,” a curved resistance line that has limited the pair’s upside since December 2021. Technical analyst Jimie remarked on May 3 that the resistance appears to be weakening, which could allow for a breakout. However, if the curve remains intact, ETH/BTC could fall back to the 0.016 BTC level, retesting a zone that historically served as a springboard for significant gains.

Still, Ethereum’s future remains divisive among crypto veterans. Adam Back, a pioneer of Bitcoin’s proof-of-work model, continues to criticize Ethereum’s design choices. He argues that Ethereum’s account-based system adds unnecessary complexity compared to Bitcoin’s simpler UTXO model, which he views as more secure and scalable.

Back is equally skeptical of Ethereum’s PoS model, claiming it centralizes control by funneling rewards to large tokenholders. He warns that no amount of protocol upgrades can fix Ethereum’s foundational issues. “At this point, just flush ETH before it hits zero and buy Bitcoin,” he concluded.

Disclaimer: The information provided in this section is for reference only and does not represent any investment advice or the official views of FameEX.