• ETH’s market share dropped to record 2020 lows of 7%. 
• Analyst projected a surprise 20% recovery in the next two weeks. 

Ethereum [ETH] market share has declined from over 20% to near record lows of 7%. During the 2021 bull cycle, ETH’s market share surged to 22%.

In the past three years, the altcoin’s market size fluctuated between 16%-20% but later tanked in 2024. 

Overall, ETH’s size has declined 67% to a 5-year record low of 7% amid tariff uncertainty and an overwhelmingly negative sentiment towards the altcoin. 

ETH/BTC ratio down 77%

Over the same period, BTC has outperformed the pioneer in smart contracts and DeFi. The ETH/BTC ratio, which tracks ETH’s relative price performance to BTC, also dipped to a 5-year low of 0.018.

That’s a whopping 77% decline since the shift from PoW (Proof-of-Work) to PoS (Proof-of-Stake). 

Similarly, ETH’s value has declined 64% from over $4K to $1.5K. The bearish sentiment wasn’t restricted to the retail market alone. Institutions’ appetite for the altcoin also slowed down in 2025. 

Unlike December 2024, which attracted over $2 billion in monthly inflows into spot ETH ETFs, Q1 2025 saw weak demand. Per Soso Value data, there were about $100M or below in inflows in January and February.

However, nearly $500M have been withdrawn from the products since March. 

Despite the overwhelmingly negative sentiment, Ethereum has lined up several key upgrades, including Pectra and Fusaka.

The updates aim to enhance cheaper and faster L1 and L2 transactions to rival fierce competitors like Solana [SOL]. 

Another potential positive catalyst would be approval of staking on ETH ETFs, with the next key deadline in June. In the meantime, whether ETH will mark a bottom around $1.5K remains to be seen.

However, trader Michael van de Poppe projected ETH could be 20% by the end of April or early May, citing oversold conditions on the weekly chart that signal a potential reversal. 

“I wouldn’t be surprised to see a 20% upwards candle on $ETH in the coming 1-2 weeks.”