Ethereum's Post-Merge Blues 44% Behind Bitcoin, More Pain Ahead

Ethereum’s underperformance is not just against Bitcoin but also altcoins like Solana and BNB since the merge.
Ethereum’s derivatives market shows mixed signals with reduced trading volumes but steady interest in holding positions.
BlackRock’s Ethereum ETF has seen strong inflows, yet overall market sentiment remains cautious due to price pressures.

Ethereum (ETH) has underperformed since its shift to the proof-of-stake (PoS) consensus model two years ago. According to The Block, citing a report from CryptoQuant, Ethereum’s performance has been 44% lower than Bitcoin’s since the merge. CryptoQuant’s senior analyst, Julio Moreno, explained that Ethereum’s decline isn’t limited to Bitcoin comparisons; it has also lagged behind altcoins like Solana and BNB.

Moreno pointed out that Ethereum’s current price remains above the undervalued range, suggesting that the ETH/BTC ratio might need to drop by 50% before ETH enters this territory. Consequently, further price decreases are possible. The underperformance has been attributed to weakening network activity, reflecting reduced market confidence.

Ethereum is trading at $2,374.02 with a 24-hour trading v…

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