ETH/BTC ratio drops to 0.027 as traders question Ethereum value

The ETH/BTC trading pair declined to approximately 0.027 on June 20, returning to levels last seen in early 2023 as traders reassessed Ethereum's relative value against Bitcoin.

"ETH/BTC is back near 0.027, a level that previously coincided with macro bottoms for Ethereum," an analyst on X said. A TradingView chart showed ETH entering a corrective phase after a strong weekly open, according to the analyst.

Ether's underperformance comes as on-chain data points to weakening demand. Exchange inflows for ETH remain elevated, while new depositors number around 320 addresses — well below levels seen during prior demand surges, CryptoQuant data shows. ETH futures open interest fell to $10.3 billion on June 19 from $15 billion a month ago, a decline of roughly 31%, marking the lowest aggregate open interest across exchanges since April 2025. The estimated leverage ratio dropped to 0.83 from an all-time high of 1.10 on June 2, its largest leverage unwind since October 2025.

The ratio's decline points to capital rotation out of Ethereum into Bitcoin, reinforcing bearish sentiment across altcoins. Bitcoin dominance has climbed as a result, with capital concentrating in the largest cryptocurrency while altcoins face persistent selling pressure. ETH trades near the $1,700 to $1,400 demand zone, with the April 2025 low at $1,384 serving as the nearest liquidity target. A break below that level opens the path toward the January 2023 demand zone between $1,289 and $1,071.

Supply dynamics offer a partial counterbalance. Daily ETH issuance stands near 2,791 ETH, a relatively low figure since Ethereum's EIP-1559 upgrade in 2021, according to CryptoQuant. However, elevated net exchange inflows raise the risk of another selling wave if Ether approaches resistance levels during any relief rally, the on-chain analytics firm said.

Ethereum's development roadmap may provide a narrative catalyst later this year. Developers have entered the final phase of work on Glamsterdam, the network's next major upgrade, which includes enshrined Proposer-Builder Separation and Block-level Access Lists. Parithosh Jayanthi, a core developer at the Ethereum Foundation, described Glamsterdam as "probably the largest fork we've had since the Merge," adding that it will "change a lot of assumptions about Ethereum and set us up for much more scaling in the future." The upgrade is expected during the second half of the year.

Technical signals suggest a potential bottoming process in the near term. The weekly relative strength index on ETH sits near 31, while the daily RSI touched 11 during the recent sell-off — its lowest reading on record, according to TradingView data. Crypto trader Ardi said last week that ETH recently touched the lower band of a long-term acceptance range that previously coincided with macro lows, improving the chances of a bottom forming in the current price range.

The ETH/BTC pair remains a key metric to monitor, Ardi added, as the pair continues to trend lower. For now, the $1,400 to $1,700 range represents the area where buyers and sellers are most actively positioned.

This article is for informational purposes only and does not constitute investment advice.