Ethereum outperformed Bitcoin by nearly 30% over two sessions ending May 9, breaking out of a multi-year downtrend that saw the ETH/BTC pair drop more than 78% from its 2022 peak.
The move began May 7, when ETHBTC rebounded from 0.0178, its lowest level since early 2020, to reach 0.0217 by May 9.
The two-day gain marks the strongest short-term relative performance since September 2022. The pair had trended lower for over two years after topping near 0.083 in early January 2022.
Despite the rally, ETH remains down roughly 75% from that cycle high.
Thirty-day annualized volatility in the pair surged to 62%, marking its highest reading in over a year, based on CryptoSlate’s analysis of daily TradingView data.
Price action through early May had pushed ETH/BTC into what many viewed as structurally oversold territory. While the recent bounce retraced some of those losses, the ratio continues to trade below key levels, including 0.025, shy of the March breakdown, and the 50-day simple moving average near 0.030.
A sustained move above those levels would be required to shift broader sentiment.
The pair’s recent low was accompanied by a maximum drawdown exceeding 79% from the 2022 high. ETH/BTC remains down 36% in the year to date, with Bitcoin dominance remaining strong, down just 2.4% at 63%.
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