Ethereum has only managed to outperform Bitcoin on about 15% of trading days since its inception nearly a decade ago, according to recent analysis.

Analyst James Check highlighted in an April 8 post on X that since Ether (ETH) began trading in mid-2015—when it was priced around $1,480—it has trailed Bitcoin (BTC), currently at $77,273, roughly 85% of the time.

Check’s data reveals that Ether had a strong start, notably outperforming Bitcoin between mid-2015 and mid-2017. There were also brief periods of strength in late 2019 and early 2020. However, Bitcoin has consistently outpaced Ether over the last five years.

According to TradingView statistics, the ETH/BTC ratio, which measures Ether's worth in Bitcoin, hit a five-year low of 0.018 on April 9.  The last time this ratio dipped below that level was in December 2019, when ETH dropped to $125 and BTC hovered around $7,000.

This recent plunge means Ether has lost seven years of profits, plunging further 10% in the last 24 hours to below $1,450, below its 2018 market cycle peak. According to CoinGecko, ETH hit a low of $1,400 in early April 9 trading. In contrast, Bitcoin saw a 6% decline on the same day, dropping to $75,000—still 275% above its high during the bull run seven years ago.

Growing Concerns Among Ethereum Supporters

Ethereum supporters are voicing concerns about the platform’s momentum, especially as it struggled to rally even while Bitcoin reached new highs earlier this year.

“I love Ethereum. However, it's time to face the facts: Ethereum has had [almost] the same number of active addresses for the previous four years," wrote Web3 researcher Stacy Muur on April 8.

On the flip side, some analysts pointed out that a significant number of new addresses have shifted to Ethereum’s layer-2 networks, which have seen substantial growth in total value locked in recent years, according to data from L2beat.

While many long-term ETH holders are currently at a loss, some technical analysts remain cautiously optimistic. Historical fractal patterns from 2018 and 2022 suggest ETH may be nearing oversold territory, with a potential bottom forming around the $1,000 mark.