BTCUSDT The ETH/BTC ratio dropped to a five-year low of 0.02193. Ether has fallen 39% relative to bitcoin this year. It's the first time ETH has underperformed BTC in the 12 months after a bitcoin reward halving. The last time ether underperformed bitcoin to a similar degree was in the third quarter of 2019, when the ratio dropped to 0.0164, a quarterly decline of 46%
The latest CME gap between 82,850 - 83,910 is acting as a strong resistance, with BTC remaining in a bearish trend. A failed bullish flag has broken downward, targeting 80,200.
๐ป The breakdown was driven by macroeconomic factors, including new tariffs and a stock market downturn, increasing risk-off sentiment across global markets.
๐ป If 80,200 fails to hold, further downside movement toward lower support levels is likely.