Key Takeaways
Ethereum gained 32.6% in 2025, outpacing Bitcoin and many assets. Yet, repeated local tops and fading momentum suggest limited upside unless sentiment shifts.
Markets in 2025 have seen a surprising mix of moves, with traditional safe-haven assets and leading cryptos both vying for the spotlight.
While silver and gold have led the charge, Ethereum [ETH] and Bitcoin [BTC] have carved out notable gains of their own, though not without signs of change.
ETH gains tested by repeated local tops
Reportedly, Ethereum has been trading around 85% above its average cost basis, according to data shared in an X (formerly Twitter) post by analyst Maartunn.
Such levels have so far caused strong rallies, as seen in the 2020-2021 bull run.
Source: X
However, recent trends paint a different picture.
In March, May, and December 2024, ETH reached similar highs relative to its cost basis, only to form clear local tops shortly after.
And now, the chart above shows this pattern repeating, with the MVRV ratio flashing sell signals at elevated levels.
While ETH remained a strong performer, its current valuation may leave limited room for upside without a reset in market sentiment.
ETH outperforms BTC
While Ethereum faces resistance at elevated cost-basis levels, its performance this year still stood out.
For instance, ETH gained 32.6% year-to-date, placing it just behind silver and gold as the best-performing major assets.
Bitcoin, by contrast, trailed with an 18.3% gain, underperforming both precious metals and its closest crypto rival.
Source: X
Traditional safe-haven assets have dominated in 2025, but Ethereum has kept pace, outperforming not just BTC but also stocks and bonds.
Ethereum consolidation shows indecision
At press time, Ethereum traded at $4,299, holding above its 50-day EMA but struggling to reclaim the highs seen earlier in August.
There was a cautious mood, with the RSI flat near the neutral 50 mark and the MACD in a bearish crossover that persisted into September.
Source: TradingView
The candles showed fading buying pressure after repeated local tops.
Unless ETH breaks decisively above resistance at $4,350, the risk of a pullback toward the $4,000-$4,100 support zone remains in play.
In fact, the sideways action shows hesitation, as we wonder whether ETH’s rally had already exhausted its near-term upside.