ETH/BTC Downtrend Tests Four-Year Low Amid Copper-Gold Breakout

The Ethereum price is testing a four-year downtrend against Bitcoin as its relative strength improves. According to market analyst Michaël van de Poppe, the ETH/BTC recovery may be linked to a recent bullish turn in the copper-to-gold ratio.

Past cycles showed that after the copper-gold ratio bottoms out, the ETH/BTC price tends to recover three to six months later. In Q1 2026, the copper-gold breakout saw a significant increase in adoption and token performance, with Ether ETF net inflows reaching $11.22B.

However, despite these positive signs, ETH/BTC remains below its weekly resistance and moving averages, indicating that a confirmed breakout is still absent.