Ethereum Struggles Against Bitcoin as Traders Bet on Further Underperformance

• ETH/BTC ratio falling below support level, on verge of 'death cross' technical pattern signaling potential long-term bearish momentum shift

• Historically, altcoin seasons characterized by rising ETH/BTC ratio; ratio's decline signals risk aversion, reduced altcoin demand

• Options market shows investors betting on ETH underperformance versus Bitcoin in near-term

• ETHBTC cross testing critical support after breaking below 0.05; persistent ETH call selling crushing volatility, downside price pressure

• Bitcoin options show bullish bias across maturities, while Ether options indicate bearish outlook with puts trading at premiums to calls