Ethereum, the second largest cryptocurrency by market capitalization, was formerly regarded as the most likely challenger to Bitcoin’s role as the dominant cryptocurrency, as well as the best positioned to make blockchain technology more usable.

During the major cryptocurrency booms of 2017 and 2021, Ethereum was at the center of the action, with its price rising far faster than Bitcoin.

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However, as Bitcoin and other cryptocurrencies have surged in recent months, Ethereum has failed to keep up. According to CoinGecko data, Bitcoin is up 53% yearly, while Ethereum is down 42%.

On X, legendary trader Peter Brandt highlighted a downtrend that could signal deeper weakness for the second-largest cryptocurrency by market cap. In response to a tweet, Brandt shared a chart of the ETH/BTC pair, highlighting an ongoing decline. The chart showed Ethereum continually losing ground to Bitcoin as it failed to keep pace with Bitcoin’s momentum in recent months.

For now, Brandt’s chart adds to the warning that Ethereum may face further downside against Bitcoin unless a significant trend reversal occurs.

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In good news for Ethereum, U.S. Ethereum ETFs experienced their first positive net inflow following eight weeks of outflows, according to Glassnode. The inflow was relatively modest, roughly 40,000 ETH, but marks a potential shift in sentiment around ETH exposure.

At press time, ETH was outperforming Bitcoin in both daily and weekly gains. Ethereum was up 1.12% in the last 24 hours to $1830 and up 13% weekly, while Bitcoin traded up 0.17% in the past day to $94,947 and up 7.24%.

In the coming days, the market will be watching for signs of reversal in the ETH vs. BTC pair, which might signal strength for the second-largest cryptocurrency by market capitalization following a prolonged downtrend.