The price of Ethereum (ETH) has increased by 19.6% over the past month. This overcame Bitcoin’s (BTC) 5.2% rise and led the top 20 cryptocurrencies.
The second largest cryptocurrency issued three bullish signals in the last days of July. On-chain data still shows that the asset is below a confirmed bottom.
ETH/BTC ratio hits 3-month high
The ETH/BTC ratio rose to 0.030, its strongest reading in 3 months. The ratio shows the strength of Ethereum compared to Bitcoin, regardless of whether the overall cryptocurrency market is rising or falling.
A high ratio indicates that Ethereum is outperforming Bitcoin. This often indicates stronger demand for ETH.
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Thomas Lee, chairman of Bitmine, cited the hack when The company raised her Ethereum holdings and stock buybacks.
“We view the rising ETH/BTC ratio, despite lower odds of the Clarity Act passing in 2026, as a sign that cryptocurrency prices are strengthening. In fact, this ratio has now reached its highest level in 3 months… which we believe bodes well for future ETH price strengthening.” He said.
The Ethereum Validator exit queue has been empty
Validator exit from Ethereum The waiting list has been reduced to Zero, according to ValidatorQueue Dataindicating that there are no validators currently waiting to withdraw their ETH.
The waiting list peaked at over 2.6 million ETH in September. Analyst Merlijn The Trader treated this shift as evidence of exhausted selling.
“This queue cleared right into a 47% drawdown. Everyone who wanted to exit has already exited. This is what the bottom of ETH looks like,” the analyst said. male.
Meanwhile, there are approximately 2.5 million ETH in the queue to enter the staking process, with a wait of approximately 43 days. This glitch causes the view to be held instead of released.
Demand for Ethereum continues as whales continue to buy
Besides technical and on-chain signals, demand also remains strong. Ethereum exchange-traded funds (ETFs). Attracted more money than Bitcoin money last week. This marked the third consecutive positive week for the product.
The gap widened on Monday. Ethereum funds gained $9.23 million on July 27, while Bitcoin funds lost $11.64 million, according to SoSoValue. Data.
Bitmine added 9,946 ETH during the same period. This brought its holdings to 5.79 million tokens, roughly 4.8% of the circulating supply.
In addition, He bought Arthur Hayes 7,213 Ethereum since July 15, worth about $13.87 million. The overlap highlights widespread accumulation. Funds, corporate treasuries, and individual whales add ETH simultaneously.
Seasonal trends also provide some support. Ethereum had an average return in August of 8.84%, while its average return for the month is -1.87%, suggesting that performance has varied significantly across the years.
While seasonality alone does not guarantee further gains, it does not currently represent a strong historical headwind either.
However, the bottom has not been confirmed yet. CryptoQuant calculates 2 of the 5 signals it tracks at levels seen at previous lows.
“Two of the five signals are at bottom levels; the rest are improving but not there yet,” the report says He reads.
The ETH/BTC MVRV ratio dropped from 0.95 in August 2025 to around 0.65. Ethereum’s previous lows versus Bitcoin were closer to 0.45.
Relative selling pressure tells a similar story. The ETH/BTC exchange flow ratio fell from a high of 1.5 to roughly 0.8, still below the 0.4 area that marked previous floors.
While Ethereum is flashing several bullish signals, on-chain data suggests that the market bottom has not yet been fully confirmed. Continued demand Broader market conditions It will likely determine whether the rally can extend further.
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this post 3 bullish signals for Ethereum and 1 reason to remain cautious appeared first on BeInCrypto.
