Ethereum (ETH) is still going through an enormous selling pressure. The latest market data indicates that Ethereum’s persistent bearish trend displays minimal correlation with Bitcoin (BTC). Its current underperformance is expediting a negative sentiment among crypto traders.

Ethereum’s (ETH) Persistent Least Correlation with Bitcoin Raises Concerns among Investors

In line with the exclusive data, Ethereum is expressing a relatively dissimilar outlook in comparison with the former market cycles. In the past cycles, $ETH reportedly recorded a synchronization with Bitcoin. However, the exclusive statistics reveal a huge disconnect between these two assets. The respective disunity is highlighted by a correlation of only -0.06 in terms of price during the recent thirty days. In this respect, the bullish momentum of Bitcoin has not resulted in a resilient outlook for ETH, fueling investor uncertainty.

As Ethereum is lagging behind top crypto assets, analysts warn about a further downside till the time $ETH reclaims crucial resistance levels. The market onlookers are keenly observing whether the crypto asset can get support to reverse the ongoing underwhelming price action. While $ETH endeavors to reclaim momentum, crypto investors remain reluctant, waiting for a stronger indication before further moves.

Since 2024’s late December, Ethereum has been witnessing downward trend, plunging by more than 28% from the local high of nearly $4,100. Irrespective of the bullish momentum of Bitcoin, $ETH has remained unsuccessful in gaining noteworthy traction. This has left the investors apprehensive about the underwhelming price activity thereof.

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Several speculate the possibility of another disappointing year for Ethereum while altcoins like Polygon, Avalanche, and Solana keep outperforming it. Additionally, while Bitcoin has been surging to a significant extent, Ethereum’s market performance shows a continuous struggle to get momentum.

Some Still Anticipate Trend Reversal Based on Ethereum’s Former Bull Runs in February

Keeping the market data in view, February could serve as a decisive month for Ethereum. Formerly, Ethereum has been seeing bullish during this month and several investors anticipate a trend reversal. The present, $ETH’s price is approximately $3,090 following its failure to uphold a position above its 200-day Exponential Moving Average at $3,137. This suggests a rising bearish pressure. For the token to regain bullish momentum, $ETH bulls need to boost it to the $3,300 mark.