The ETH/BTC ratio has seen unexpected declines despite Bitcoin's (CRYPTO:BTC) dominance in the recent crypto cycle, spurred by the approval of spot Bitcoin ETFs in early 2024.

Ethereum (CRYPTO:ETH) faces challenges from competing Proof-of-Stake blockchains, impacting its liquidity, capital inflows, and scalability advantages.

Analysts from Glassnode and CME Group anticipate potential changes with the introduction of spot Ethereum ETFs, which could reverse this trend and reshape market dynamics.

Ethereum remains resilient above $3,000, with on-chain metrics like Realised Cap suggesting a potential bullish reversal, supported by improving Market Value to Realised Value ratios indicating profitability in late-stage bear markets.