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The ETH/BTC ratio has returned to the level it was in January.
The ETH/BTC ratio has increased by about 40% in the past month, from a low zone of ~0.022 on June 23 to about 0.031 currently. The main driver comes from a bullish increase of over 60% of Ethereum in July, thanks to the influx of spot ETH ETF capital and growing interest from institutions.
On longer time frames, this ratio has recovered over 70% since the 5-year low of nearly 0.018 at the end of April – the lowest level recorded during the Covid-19 crash in March 2020. The support level of 0.02 remains intact, reinforcing confidence in ETH and further clarifying the emerging "altcoin season".