What Moves the Price of Ethereum Against Bitcoin and the US Dollar?

Ether is the second-largest crypto asset, but it does not simply copy bitcoin. Over long stretches it has gained or lost a lot of ground against it, and those swings explain many of the questions traders ask.

What people on X are asking

In June 2026, as prices slid, a widely liked post asked why bitcoin was below $70k and why ETH was below $2k. In May a reply asked why ETH underperformed BTC during a period with fewer regulatory hurdles, and in April another asked why ETH underperformed Nvidia by so much. The useful way to answer is to separate what moves all crypto from what moves ether alone.

The fact-checked answer

UXS chart

How many ether one bitcoin buys (BTC price ÷ ETH price)

ETH per 1 BTC: latest

35.29

November 9, 2026

Highest in chart period

60.88

September 6, 2019

Lowest in chart period

8.86

February 1, 2018

Change over 1 year

+6.03 pts

vs November 9, 2025

Source: FRED, Federal Reserve Bank of St. Louis (FRED CBBTCUSD · FRED CBETHUSD). Retrieved November 10, 2026. Chart computed and drawn by UXS from the raw series. A rising line means ether is losing ground to bitcoin; a falling line means ether is outperforming. Computed by UXS from Coinbase daily prices on FRED. Download the data (CSV)

Year by year: ETH per 1 BTC

Computed by UXS from the same data as the chart. Tap a column header to sort. * = year to date (latest data November 9, 2026).

Year	ETH per 1 BTC: last value	Change vs prior year	Year high	Year low
2026*	35.29	+5.82 pts	38.79	28.42
2025	29.47	+1.32 pts	55.41	23.74
2024	28.15	+9.60 pts	30.72	16.61
2023	18.55	+4.72 pts	19.84	12.93
2022	13.83	+1.28 pts	19.10	11.83
2021	12.55	-26.73 pts	41.57	11.37
2020	39.28	-16.46 pts	57.17	25.02
2019	55.74	+27.46 pts	60.88	24.63
2018	28.28	–	38.54	8.86

Driver 1: bitcoin and risk appetite. Most of the time ether rises and falls with bitcoin, only by larger amounts. When investors cut risk because of rates, recession fears or a market shock, ether usually falls further than bitcoin. In 2026 ETH fell from about $3,339 in mid-January to about $1,566 at the end of June in Coinbase data, a drop of more than half, while bitcoin fell by less than half. For the size of past falls, see why crypto crashes so hard.

Driver 2: demand for the network. Ether is used to pay for transactions and smart-contract activity. ethereum.org explains that fees (gas) rise when demand for block space is high. Strong activity from decentralised finance, stablecoins, NFTs or new applications raises fee revenue and can support the price. When activity moves to cheaper layer-2 networks or rival blockchains, fees paid on the main chain fall.

Driver 3: supply. Since an upgrade in 2021, part of every transaction fee is burned, removing ether from supply. The Merge in September 2022 switched Ethereum from proof of work to proof of stake, which ethereum.org says cut the network's energy use by about 99.95% and reduced new issuance. When activity is high, burning can offset issuance; when activity is low, supply grows slowly. Supply changes matter at the margin but rarely override the broader market.

Driver 4: staking. Holders can stake ether to help secure the network and earn rewards. Staking yields compete with other returns: when interest rates on cash are high, a few percent of staking yield looks less attractive. Staked ether is also less likely to be sold quickly, which affects liquid supply.

Driver 5: flows and the bitcoin comparison. Funds and ETFs that hold ether add a source of demand that can reverse quickly. Many investors treat bitcoin as the simpler "digital gold" story and ether as a technology bet; when they want crypto exposure with less complexity, bitcoin tends to win. The chart shows that in 2022 one bitcoin bought about 14 ETH on average, but by 2025 it bought about 35, which is the underperformance the X posts were noticing. See what Ethereum is and how it differs from bitcoin.

UXS decision diagram

Reading an ether move

Text version of the diagram

1. Is bitcoin moving in the same direction? If no: Look for ETH-specific news: upgrades, fees, flows, a hack
2. Is the move larger than bitcoin's? If no: Mostly a market-wide move
3. Are fees and network activity rising with the price? If no: Price may be driven by leverage and flows, which can reverse fast
4. Is futures open interest climbing fast? If yes: Crowded positioning: watch for liquidations
5. Otherwise: A broad, demand-led move: still volatile, but better supported

Diagram drawn by UXS. A simplified decision aid for education, not a recommendation.

Ethereum price drivers at a glance

Qualitative summary by UXS. The strength of each driver changes over time. Tap a column header to sort.

Driver	Tends to lift ETH	Tends to weigh on ETH
Bitcoin and risk appetite	Rising crypto and stock markets	Risk-off selling
Network activity and fees	More transactions on the main chain	Activity moving to cheaper chains
Supply (issuance vs burn)	High burn from busy network	Low activity, net issuance
Staking	Yields attractive vs cash rates	High cash rates, unstaking
Fund and ETF flows	Inflows	Outflows
Leverage	Short squeezes	Long liquidations

ETH/BTC moves are what drive pool losses; see how much impermanent loss can cost.

ETH/BTC weakness usually shows up in market share too; see what rising bitcoin dominance says about altcoins.

ETH/BTC is one of the main altseason gauges; see how traders spot the start of altcoin season.

Decision helper

Common mistakes

• Assuming ether must catch up with bitcoin after lagging.
• Reading a single upgrade as a guaranteed price catalyst.
• Ignoring that ETH usually falls more than BTC in sell-offs.
• Comparing ETH with individual tech stocks without noting their different risks.

FAQ

What is the biggest factor in the ether price?

Bitcoin and overall risk appetite; ether-specific factors matter, but usually less.

Why has ETH underperformed BTC?

Investor preference for bitcoin, competition from other chains and lower main-chain fees all played a part; one bitcoin bought about 14 ETH in 2022 and about 35 in late 2026.

Does staking push up the ETH price?

It can reduce liquid supply, but rewards also add new ether; the net effect depends on demand.

What did the Merge change?

It moved Ethereum to proof of stake in 2022, cutting energy use by about 99.95% and reducing issuance.

What was ether's record price?

About $4,831 on August 21, 2025 in Coinbase data.

Is ether more volatile than bitcoin?

Usually yes: in each major sell-off since 2017 it has fallen further than bitcoin.