Ethereum is undoubtedly struggling. Since December 2024, whenever market sentiment shifts leading to an overall decline in the cryptocurrency market, only Bitcoin has been able to bounce back to previous price levels and break through, while Ethereum has almost been unable to return to its original point after a drop.

Here is Ethereum's market performance over the past few months. In November 2024, the market was in an upward phase, with Bitcoin priced at approximately $96,405 and Ethereum at $3,703. On December 1, 2024, the market experienced a slight decline, with Bitcoin dropping to $93,557 and Ethereum falling to $3,337. Although both top cryptocurrencies reached significant price levels later that month, they failed to maintain the upward momentum and fell again.

About a month later, on January 1, 2025, Bitcoin's price was $94,500, slightly higher than the previous month, while Ethereum further declined to $3,298. By February 1, the price data showed Bitcoin significantly dropping to $84,381 and Ethereum falling to $2,236. Bitcoin reached $102,000 later that month, but Ethereum failed to bounce back to its previous highs. In fact, when Bitcoin recovered from $84,381 in February to $94,304 in April, Ethereum continued to decline and could not re-test its prior highs. In reality, the BTC/ETH ratio has widened.