Ethereum (ETH) extended its streak of underperformance against Bitcoin (BTC). The token fell below 0.029 per BTC during the latest market correction.

Ethereum (ETH) has yet to stop its sliding trend against Bitcoin (BTC). The token has now fallen to 0.027 per BTC, testing levels not seen since 2020. ETH had already crossed the threshold of 0.030 BTC, which was its benchmark level just before the bull market of 2021.

ETH has now completed a round unwanted value against BTC, after peaking at 0.085 BTC in December 2021. The downward trend of ETH has found little relief since the 2022 market crash, continuing to slide despite the increasing utility of the token.

The biggest problem for ETH is that none of the use cases over the last five years have been good enough to establish the token's influence against BTC. At one point, the NFT boom, the expansion of Web3, blockchain gaming, and DeFi were the most popular developments in the crypto space. However, none of those developments had a significant effect on the price of ETH, even though the chain remains key to most current crypto activities.

ETH had a dynamic trading day on February 3, dropping as low as $ 2.080 with the highest number of liquidations and sales since August 2024. Within hours, smart money began buying again, pushing the token up to $ 2.900. ETH then stabilized around $ 2.709.72, although it still raised questions about its potential to reclaim the level of $ 4.000 and move to a higher price range.