Ethereum Price Plummets as Altcoin Season Fades

Ethereum's price decline has been significant, with a year-to-date drop of 30%. This puts it among the worst-performing major crypto assets in 2026. The ETH/BTC ratio has also hit a 10-month low, indicating that investors are favoring Bitcoin over Ethereum.

The altcoin season, which begins when at least 75% of the top 50 altcoins outperform BTC over a three-month period, is nowhere in sight. According to Blockchain Center's Altcoin Season Index, only 29% of the top 50 alts have outperformed BTC over the past 90 days.

Additionally, institutional capital exit from ETH-backed products has compounded its price weakness. Spot ETH ETFs have seen net outflows totaling $404 million across two consecutive weeks. Short-term holders have also offloaded 14% of their coins since April, adding to the selling pressure.