While Bitcoin is hovering just below its all-time high, Ethereum remains 36% away from its peak and doesn’t look like approaching it anytime soon.

Moreover, the ETH/BTC ratio, which measures Ethereum prices in Bitcoin, fell back below 0.034 on Nov. 17, according to Tradingview.

It is the lowest ratio since late March 2021, when BTC was trading at around $57,000 while ETH lulled at $1,700.

Return of The FUD

This time around, Bitcoin has surged to a new peak above $90,000, but Ethereum has struggled to reach $3,300.

This has fuelled the Bitcoin maximalists, who were back bashing Ethereum. On Nov. 18, on-chain analyst James Check said, “This sounds like even high-conviction folks are not holding ETH to me.”

“This sounds like there isnt the demand there once was and feels like market share loss.”

His response came to DeFi analyst “Ignas,” who said, “ETH likely will pump late in the cycle,” after observing a rotation into altcoins such as Solana.

Meanwhile, Bitcoiner and investment expert Lyn Alden admitted to being an Ethereum bear, adding that the “post-election new low in ETH/BTC is even more brutal than I expected.”

“An administration that is open for crypto securities wins the election. ETH/BTC jumps, then falls. New lows after good news. Oof.”

Ive been kind of a polite long-term Ethereum bear, but the post-election new low in ETHBTC is even more brutal than I expected.

An administration that is open for crypto securities wins the election.

ETHBTC jumps, then falls. New lows after good news.

Oof.

Investor Mike Alfred called it a “headfake” stating that the behavior was similar in the last cycle.

Several crypto traders responded that they sold ETH for SOL. However, the current Solana narrative is solely driven by memecoin degens speculating.

Not everyone was so bearish. Trader “CrediBULL Crypto” told his 433,000 X followers on Nov. 17 that he had topped up his ETH position here. “Low timeframes are looking constructive, and BTC is also at my ‘must hold’ level on low timeframes,” he said before targeting ETH at $3,450, first before a second target of $4,100.

Topped up my $ETH position here. Low timeframes are looking constructive and $BTC is also at my must hold level on low timeframes (from recent tweets).

First target is $3450, second target is $4100. https://t.co/bc68FJJe7v pic.twitter.com/6WwU13wVMn

Where Next For ETH?

ETH has been down-trending since it came just shy of $3,400 on Nov. 12. It was holding on to the $3,100 level during Monday morning trading in Asia but would likely mirror Bitcoin’s movements this week.

While retail traders have fallen out of favor with Ethereum, institutional investors are still hungry for the asset. Last week, they poured $515 million into spot ETH ETFs in the United States.

The big inflow finally outweighed the exodus from Grayscale, flipping the total aggregate net flow to positive for the first time since the funds launched in July.