Ratio of ether spot to bitcoin spot price over the last five years

The performance of ether recently created significant buzz in crypto markets and beyond, both in absolute terms and relative to other cryptocurrencies, particularly bitcoin. As shown in the chart above, ether has experienced a strong relative bounce after years of decline. Using Fibonacci retracement levels and looking at the move from the highs in late 2021 to the lows earlier in 2025, the market is approaching a 38.2% retracement level. Will this be where the relative performance ends, or will the ratio move into the neutral zone that ranges between 38.2% and 61.8% retracement? In order to assess what may be the next move, at least in the short-term, we should look at what could be driving the relative moves.