Ethereum (ETH) just slipped to a 10-month low against Bitcoin (BTC), with the pair trading under 0.028 as traders sent tokens to exchanges.
ETH/BTC Cracks Key Floor
The world's second-largest crypto has broken below the $2,200 support after a string of failed breakout attempts near $2,400. The ETH/BTC ratio fell to roughly 0.02835, down more than 35% from the August peak of 0.04324, and now sits well below its 200-week moving average near 0.04828.
That reading is the weakest for the pair since July 2025.
On-chain analyst Ali Martinez pointed to CryptoQuant data showing more than 500,000 ETH moved to trading venues over the past week.
The haul is worth above $1.1 billion at current prices, a level that typically signals fresh selling pressure as holders position to cash out. Binance reserves alone climbed to 3.62 million ETH, or roughly 24.6% of all Ether held on centralized exchanges, while Bitcoin reserves on the same venue have continued to shrink.
Also Read: Why A $322B Stablecoin Pile Hasn't Triggered The Crypto Rally Bulls Expected
Martinez Warns Of $1,090 Risk
Martinez also flagged a fresh TD Sequential sell signal on Ether's weekly chart, the first such warning in nine months.
The same indicator preceded a 63% drawdown when it last triggered in August 2025, and earlier buy signals from April and June of last year delivered rallies of 86% and 134%.
His downside roadmap lists $1,900 in the short term, $1,565 in the mid term, and $1,090 as a long-term floor.
Analyst Ted Pillows said Ether must reclaim $2,400 to revive the recovery, warning that failure could drag the asset toward $2,100. He also noted hourly Binance inflow surges have added to supply throughout May.
OG Wallets Step Back In
Not every signal is bearish. On-chain tracker Lookonchain flagged a 10-year-old wallet that spent $4.3 million in USDC (USDC) to buy 1,951 ETH near $2,180. The same holder originally accumulated tokens at under $3.50 each, and offloaded part of the stash for more than $30 million last year.
Analyst Satoshi Flipper argues Ether could rebound from the lower boundary of an ascending triangle on the 8-hour chart.
The pair's slide caps a punishing stretch for the altcoin. Ether traded above 0.042 BTC last September after notching an all-time high against the dollar, and the ratio has trended down almost without pause since then while spot Bitcoin ETF inflows have repeatedly outpaced Ethereum fund flows.
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