Ethereum's price has been lagging behind Bitcoin, with the ETH/BTC ratio hitting a multi-year low in 2024. Bitcoin has surged over 36% year-to-date, while Ethereum struggles near its January levels. Factors like weaker institutional demand for ETH ETFs and Bitcoin's rising dominance (over 58%) contribute to this gap. However, some analysts see a catch-up potential, driven by Ethereum's fundamentals, upcoming upgrades like Pectra, and growing DeFi adoption. Historical patterns suggest altcoins, including ETH, often rally after Bitcoin peaks. If market sentiment shifts and institutional interest in ETH ETFs rises, a catch-up could occur, potentially pushing ETH toward new highs in 2025. Still, this depends on broader market dynamics and Bitcoin’s trajectory.