Ethereum has been facing challenges in keeping up with Bitcoin's performance, leading to a drop in its price relative to Bitcoin in April. Investors are becoming less confident in Ethereum, evidenced by outflows from Ethereum exchange-traded products and reduced optimism about a US spot Ethereum exchange-traded fund (ETF) getting approved.

Meanwhile, smaller altcoins like Solana are gaining traction among investors who anticipate higher returns compared to Ethereum. Bitcoin has historically outperformed other cryptocurrencies at the start of bull markets, and the recent focus on Bitcoin has been fueled by inflows into US Bitcoin ETFs.

Despite the overall crypto market rally, Ethereum has not been able to capitalize on it. The price of Ethereum in Bitcoin terms fell to its lowest level in almost three years in April, indicating a significant performance gap between the two assets.

The outlook for Ethereum ETF approval in the US appears bleak, with analysts assigning low odds for approval in May. This contrasts with the approval of Bitcoin ETFs in Hong Kong, further underscoring Ethereum's struggles.

As Ethereum faces challenges, investors are turning to alternatives like Solana, which has a lower market cap compared to Ethereum, suggesting greater growth potential. Solana's performance against Ethereum and Bitcoin has garnered increased attention from traders.

While there is hope for Ethereum's recovery, such as the potential approval of a spot Ethereum ETF in the future, it may take time for Ethereum to regain its momentum against Bitcoin. Until then, traders will closely monitor the ETHBTC chart for insights into the market direction of the top two cryptocurrencies.