$ETH ETH's performance has suffered from lower investor demand compared to BTC. The ETH/BTC ratio has fallen 75% from 0.080 at The Merge (September 2022) to 0.0196 today - the lowest since January 2020, with only 500 of 3,531 trading days recording lower values. Unlike typical bull markets, this cycle has lacked any substantial periods where ETH outperformed BTC, marking an unusual deviation from historical patterns.