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The balance of power in the crypto world is shifting — and Ethereum might be on the back foot. The SOL/ETH trading ratio has reached an all-time high, clearly favoring Solana. So, the burning question now is: Can Ethereum reverse this trend? The upcoming Pectra upgrade might just be the spark it needs… or not. Let’s break it down.

Solana Hits Record High Against Ethereum

On Binance, the SOL/ETH ratio has climbed to 0.081, up from 0.058 at the beginning of 2025 — a massive 40% increase in just a few months.

This peak for Solana comes after a wild week in which Ethereum’s price dropped by 10%, while Solana gained 10%. That’s what we call a classic divergence — and it’s not going unnoticed by traders.

To make things even more awkward for Ethereum, the ETH/BTC ratio has nosedived by 47% over the last six months. At a current level of 0.019, Ethereum is now at its lowest ratio to Bitcoin since January 2020.

Ouch.

Vitalik Still Has Hope – And a Roadmap

Despite the downturn, Ethereum co-founder Vitalik Buterin remains firmly optimistic. When it comes to his blockchain baby, he’s not throwing in the towel.

Since November 2024 (Bangkok), I’ve been saying:
1. The Ethereum Foundation (EF) was not the main issue
2. The leadership change will help, but given point 1, it won’t be highly significant
3. More blood will be spilled before people fully recognize the depth of the problem (bad… https://t.co/mTD6p0MDhL

— Fede’s intern 🥊 (@fede_intern) April 13, 2025

In response to recent market data, Buterin emphasized that future Ethereum upgrades will roll out faster following the much-anticipated Pectra upgrade.

“I see a lot of readiness to push out hard forks faster after Pectra,” Buterin noted confidently.

And when Vitalik speaks, the Ethereum crowd listens.

He’s particularly focused on scalability, a key issue that Ethereum has struggled with for years. The roadmap is there — now it’s just a question of delivering real-world applications that are actually worth using.

What Can Pectra Bring to the Table?

The Pectra upgrade is expected to introduce a series of technical improvements, especially around network efficiency and developer functionality. It’s being touted as a building block for Ethereum’s longer-term evolution — but will that be enough to stop Solana’s momentum?

So far, Ethereum’s biggest use case during bull runs has been… well, launching new tokens. Not exactly a groundbreaking utility. While there’s growing chatter around Real World Assets (RWAs) and their tokenization, that trend is still more talk than traction.

Ethereum’s Identity Crisis?

Let’s be honest. Ethereum has been facing a bit of an identity crisis. While its ecosystem is still massive, fees remain high, and speed still can’t compete with Solana or newer chains. Even the meme coin explosion in early 2025 seemed more at home on Solana than Ethereum.

Meanwhile, Solana is thriving — not just in price action, but in community enthusiasm, dApp growth, and innovation. The meme culture? Check. NFT activity? Still pumping. Transaction fees? Basically pocket change.

Ethereum, on the other hand, feels more like a legacy system trying to reinvent itself. It still holds the DeFi crown, sure. But for how long?

What Needs to Happen for Ethereum to Reclaim Dominance?

Pectra must deliver — and quickly. No delays, no drama. Just clean, scalable tech upgrades that actually benefit users.
Developers need reasons to stay. New tools, lower fees, and incentives to keep building on Ethereum instead of jumping ship.
Real-world adoption. We’ve heard about tokenizing real estate and assets for years. Time to go beyond whitepapers and start doing.
Narrative control. Ethereum needs to remind the market why it matters — not just as “the OG smart contract chain,” but as a vibrant, evolving ecosystem.

Final Thoughts – Can Pectra Save the Day?

Ethereum is down, but not out. Pectra might not be a silver bullet, but it could be a solid first step back in the right direction. Whether it’s enough to close the growing gap with Solana and Bitcoin, however, is anyone’s guess.

For now, Solana is running the show, and Ethereum’s supporters are left doing what they do best — building, hoping, and quoting Vitalik.

But in crypto, sentiment can flip faster than a meme coin after a tweet from Elon. So stay tuned, because Ethereum’s frog-hop moment might still be around the corner.

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Madeline

I have been drawn to technology and science fiction since I was a child. Studying IT has drawn me to the world of cryptocurrencies, where I have been working since 2014. I have learned a lot since then. And I still have a lot to learn. What fascinates me most about them is that they connect so many worlds together and the possibility of free choice. Without limits.