Ethereum has reached a 10-month low against Bitcoin, with the ETH/BTC pair dropping below 0.028. This decline comes as Ethereum struggles to maintain its price above the $2,200 support level, having faced repeated rejections at $2,400. Despite significant purchases by entities like Tom Lee's BitMine, which reportedly buys over $200 million in ETH weekly, the altcoin continues to underperform. Data from CryptoQuant indicates that over 500,000 ETH, valued at more than $1.1 billion, has been transferred to exchanges in the past week, potentially increasing selling pressure. Analyst Ali Martinez warns of a possible further decline, with a worst-case scenario seeing ETH fall below $1,100. However, some analysts, like Satoshi Flipper, suggest a potential rebound from current support levels, while on-chain data shows renewed interest from long-term investors.