Ethereum has nearly matched Bitcoin's annual performance following robust gains in the third quarter of 2025. According to CryptoQuant analyst Axel Adler Jr., both cryptocurrencies reached all-time highs this year, with Ethereum achieving a 90% year-over-year increase and Bitcoin rising by 97%. The synchronized rallies in September have pushed their correlation to near-perfect levels. Analyst Merljin highlighted that the ETH/BTC ratio has broken above a long-standing downtrend, indicating Ethereum may be regaining strength against Bitcoin.