Based on data from TradingView, the ETH/BTC exchange rate recently fell to 0.01791, marking its lowest point since 2020. Notably, there has been a surge in selling activity by major participants known as "whales" in the Ethereum market. Galaxy Digital, Paradigm, and an Ethereum Foundation-associated address have executed substantial transactions, adding to the downward pressure on Ethereum's price.

Galaxy Digital moved 5,000 ETH (about $8.11 million) to Binance, while Paradigm transferred 5,500 ETH (approximately $8.65 million) to Anchorage Digital. Moreover, an Ethereum Foundation-linked address deposited 1,000 ETH (around $1.57 million) into the Kraken exchange. These large-scale movements by institutions are impacting ETH's price negatively, especially with the ETH/BTC ratio hitting its lowest level in two years.

The decline in the ETH/BTC ratio to 0.01791 signifies Ethereum's decreasing value compared to Bitcoin, partly influenced by Bitcoin's price nearing $90,000. Currently trading at $1,574, down 2.5% in the last 24 hours, ETH faces the risk of investors shifting towards Bitcoin due to the disparity between the two cryptocurrencies.

Apart from whale selling pressure, the Ethereum Foundation has been consistently selling ETH, indicating potential price volatility caused by institutional transactions. Moreover, Ethereum's staking ratio remains low at 28%, posing a challenge compared to competitors like Solana with a 65% staking ratio. This, coupled with Bitcoin's dominance hitting a 4-year high, suggests capital is moving away from ETH and other altcoins.

Despite the present concerns, some experts are optimistic about Ethereum's future outlook. While the selling pressure could lead to a further decline, long-term advancements such as Ethereum 2.0 and full transition to Proof-of-Stake may boost ETH's performance and attract investors. Nonetheless, caution is advised in the short term as the ETH/BTC ratio displays ongoing weakness and uncertainty.