Ethereum's identity as an independent currency is under scrutiny as Bitcoin's adoption narrative continues to overshadow it. In 2025, the ETH/BTC pair experienced a significant drop but later rebounded, with Ethereum prices reaching $4,946 in August. The introduction of Ethereum ETFs and interest from treasury firms like Bitmine have spurred fresh demand for ETH. Despite these developments, Ethereum remains closely linked to Bitcoin's performance, exhibiting a high beta correlation. Additionally, competition from other blockchain platforms such as Solana and Hyperliquid adds pressure. Traders are closely monitoring Ethereum's trajectory, with some driven by a fear of missing out on potential gains.