Lately, I’ve been closely watching the ETH/BTC $BTC
chart, and something interesting is happening — it looks eerily similar to what we saw back in 2019. Right now, Ethereum is hovering around 0.019 BTC, and it's approaching the 0.016 BTC zone — the exact same level where it bottomed out in September 2019 before exploding nearly 450% over the following year.$ETH
What’s really catching my eye is how closely the current setup mirrors that period: the RSI is deeply oversold, Ethereum is still struggling below key moving averages, and there's been a multi-year decline in ETH’s performance against Bitcoin. Back in 2019, that setup led to a massive reversal. Could we be in for something similar?
Of course, the context has changed a bit. ETH/BTC is down over 80% from its 2021 high. Part of that drawdown has been due to skepticism about Ethereum’s transition to proof-of-stake, the rise of Layer 1 competitors, and Bitcoin continuing to dominate institutional narratives.
Still, Vitalik isn’t sitting still. He’s recently proposed a long-term plan to simplify Ethereum’s architecture — aiming to make it as robust and maintainable as Bitcoin within five years. Honestly, I think that kind of vision is exactly what ETH needs right now, and some analysts are calling it the most bullish development for Ethereum in years.
But not everyone’s convinced. Adam Back, a Bitcoin OG, is still throwing shade. He’s calling out Ethereum’s complexity, criticizing the shift to PoS, and warning that it centralizes control among large token holders. He even went as far as saying, “Flush ETH before it hits zero and buy Bitcoin.”
Bold words. But personally, I think calling for ETH’s demise is premature — especially when the technicals are starting to line up in its favor. If history is about to rhyme, we might just be near the bottom of a cycle… again.$BNB
