The last time ETH traded this low against the market leader was in the middle of last year.
It’s safe to say that the world’s largest altcoin has underperformed in recent weeks as every attempt to break out was halted at $2,400, and the subsequent rejection has pushed it south. What is particularly worrying is that ETH fell below the crucial support level of $2,200 after today’s decline, and its behavior against Bitcoin is even more painful.
In fact, the ETH/BTC pair just fell to a 10-month low of less than 0.028. Recall that ETH was trading at over 0.042 BTC in September last year, shortly after its all-time high against the US dollar, but it has been mostly on the decline since then. Famous analyst Ted Bellows said that this decline occurred even with Tom Lee’s BitMine Continue to spend millions of dollars Every week to collect more tokens.
ETH/BTC has reached a new yearly high.
This is despite Tom Lee’s purchase for over $200 million $ Ethereum Every week. pic.twitter.com/PpNyUcgACp
– Ted (@TedPillows) May 16, 2026
ETH to exchanges
Ali Martinez cited data from CryptoQuant, which could lead to a further decline in altcoin prices. he male More than 500,000 ETH were sent to trading venues in the past week alone. In US dollar terms, this large stock is worth more than $1.1 billion. Such large transfers can intensify spot selling pressure as traders typically send tokens to exchanges if they want to cash out.
Martinez recently warned that the TD Sequential Indicator, a popular indicator used to show whether an asset has exhausted its move in either direction, has given a sell signal for ETH. He believes the altcoin could be on the verge of an even more painful decline, and shown The worst case scenario is to unload less than $1,100.
On the positive side…
On the other side stands Satoshi Flipper, another famous analyst, who recently… He said ETH could bounce from the lower border of the ascending triangle, which is the diagonal support it is currently testing on the 8-hour chart.
Meanwhile, Lookonchain announced the return of Ethereum OG to the scene. The anonymous investor received more than 11,000 tokens at prices under $3.50 (yay) 10 years ago, sold some of them for more than $30 million last year, and has now started buying again.
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On-chain analytics company He said They spent $4.3 million in USDC to buy 1,951 ETH at today’s prices of around $2,180.
