The ETH/BTC ratio has reached a 10-week high, signaling Ether's increasing momentum against Bitcoin. This surge is attributed to clearer DeFi regulations from the US SEC, which have been positively received by the crypto community. Concurrently, Bitmine significantly expanded its Ether holdings, adding 71,524 ETH to its treasury.
The ETH/BTC pair has broken through a long-standing descending trendline resistance, a critical technical breakout. Trading above key exponential moving averages, the pair indicates potential for further bullish movement.
On-chain data supports Ether's strengthening fundamentals, with active addresses trending upward and a recovery in US-driven demand, often linked to institutional interest. Corporate accumulation also continues, with Bitmine now holding substantial ETH reserves.
Futures markets show a divided sentiment. While global open interest in ETH futures is high, indicating significant market activity, funding rates suggest a split between short positions globally and increasing long positions on exchanges like Binance. This imbalance could fuel significant price volatility.
