Ethereum’s Ether (ETH) token is currently approaching a critical price zone against Bitcoin (BTC), a threshold that historically has marked the beginning of significant price rebounds. As the ETH/BTC pair hovers near 0.019 BTC, it draws nearer to 0.016 BTC, the exact level reached in September 2019 before a dramatic rally that saw an almost 450% increase over the following year.
ETH Price Fractal from 2019: An Indicator of Bottoming?
The current setup for ETH/BTC is reminiscent of the 2019 market dynamics, with both periods characterized by a notably oversold relative strength index (RSI), extended periods below key moving averages, and prolonged declines over multiple years. In 2019, ETH/BTC experienced a drop of over 90% in the preceding two years, triggered by the fallout from the initial coin offering (ICO) collapse.
As of 2025, the ETH/BTC pair finds itself down more than 80% from its 2021 peak, predominantly affected by growing skepticism surrounding Ethereum’s transition to a proof-of-stake (PoS) model, increasing competition from alternative platforms, and Bitcoin’s emergence as a dominant institutional asset.
In response to these concerns, Ethereum co-founder Vitalik Buterin has introduced proposals aimed at streamlining the architecture and establishing protocol-wide standards to enhance Ethereum’s performance, aiming to match Bitcoin’s simplicity and maintainability within five years.
Related: Ethereum to simplify cross-chain transactions with new token standards
One analyst has lauded Buterin’s proposal as “the most bullish thing for ETH,” igniting optimism within the community. This positive sentiment emerges as ETH/BTC makes attempts to escape its longstanding “bearish parabola,” a resistance trend that has restrained its upward momentum since December 2021, while showing signs of exhaustion around early May.
Critical Perspectives: Is Simplicity Enough?
Conversely, skeptics like Bitcoin’s proof-of-work proponent, Adam Back, contend that Buterin’s focus on simplification overlooks deeper foundational flaws within Ethereum. Back argues that Ethereum’s account-based system enhances complexity compared to Bitcoin’s simpler unspent transaction output (UTXO) model and warns that this growing intricacy could amplify technical risks, hindering scalability and security.
In a pointed critique, Back suggests, “At this point, just flush ETH before it hits zero and buy Bitcoin,” demonstrating his belief that no upgrade can rectify the foundational issues he perceives within Ethereum.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
