In the past year, ETH/BTC has fallen by over 35%, and the market structure has continued to weaken. Analysis indicates that the trading pair is still suppressed by the multi-year downtrend line, and after rebounding to the 0.382 Fibonacci retracement and resonating with the 50 month moving average in August 2025, it was rejected and fell below the support of the 20 month moving average. If the weakness continues, the next key support level may point to around 0.0176 BTC, which still has about 40% downward potential compared to the current level. On chain data shows that the ETH reserves on Binance have increased to about 3.62 million, accounting for 24.6% of the total exchange holdings on the network, while BTC reserves continue to decline, reflecting market differentiation. （Cointelegraph）
