Ethereum's native token, Ether (ETH), has slipped below a crucial support level against Bitcoin (BTC), sparking concerns among analysts. The ETH/BTC pair has broken its long-standing ascending trendline, which has historically marked market bottoms since 2016. This break, coupled with increased trading volumes, suggests strong selling pressure, potentially leading to further declines.

In 2024, Ethereum's performance has been overshadowed by Bitcoin's appeal, driven by the launch of spot Bitcoin ETFs and its fourth halving. Additionally, Solana's rise as a smart contract competitor has further impacted Ethereum's market dominance. Technical charts indicate a possible 50% drop in ETH/BTC, unless a strong rebound occurs.