Ethereum Roars Back: 30% Surge Against Bitcoin in 48 Hours—Was the 80% Bloodbath Since 2022 Just a Trap?

After getting crushed by Bitcoin for nearly three years, Ethereum finally shows signs of life—spiking 30% in two wild trading days. Was this the dead cat bounce crypto skeptics predicted, or the start of a real reversal?

Market watchers are torn. Some see this as classic ’altcoin season’ posturing before another leg down. Others point to looming protocol upgrades as the catalyst. Either way, traders who bought the dip are now quietly high-fiving—while Wall Street analysts scramble to justify their ’crypto winter’ forecasts.

Funny how a little green on the charts makes everyone forget three years of pain. Just don’t tell the bagholders who bought at 2022 prices—they’re still waiting for their ’long-term investment’ thesis to play out.

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%.