Ethereum has climbed 32.28% against Bitcoin since the June low at 0.02525, pushing the ETH/BTC ratio to a seven-month high near 0.0334. The move comes after the pair finally broke out of a descending parallel channel that had capped it since August 2025, with the breakout taking place at the end of June.
The breakout
That channel had been a ceiling for over a year, and the close above it is the kind of thing traders circle on their charts. The ratio now sits around 0.0313, with Ethereum trading at $2,472 and Bitcoin at $78,827 as of writing. The weekly RSI reads near 60 and keeps climbing, which suggests the momentum isn't fading yet.
Resistance comes in at 0.03213 (the 0.382 Fibonacci retracement) and then 0.03426 (the 0.5 level). Support is at 0.031, so the pair has a fairly narrow band to work with.
Bitcoin dominance stalls
Bitcoin's dominance closed last week at 60.15%, clearing a descending trendline from the June 2025 high and the upper boundary of a triangle formation. But that doesn't mean BTC is running away. The dominance still faces resistance at 60.50%, and support sits at 58.54% and then 58%. Bitcoin itself trades roughly 37% below its October 2025 record high, so the broader market hasn't exactly been ripping.
Altcoin season: not yet, but getting closer
The Altcoin Season Index, which requires a reading of 75 to signal a true altcoin season, is at 39. That's down from around 67 in early August, so the recent ETH strength hasn't spread to the whole market. But Glassnode says 85% of altcoins now show funding rates above their mean, the highest print since Bitcoin traded at record levels. That's a leveraged, risk-on signal, even if the index hasn't caught up.
Levels to watch
For ETH/BTC, the key level is 0.03426. If that gives way, the pair is in territory it hasn't seen in months. Below that, 0.033 remains the immediate support. On the dominance side, a break above 60.50% could put the pressure back on alts, while a move below 58% would free up space for the ratio to keep climbing.
The next test is whether ETH/BTC can clear the 0.5 Fibonacci level. The momentum is there, but the altcoin index still isn't on board. If the funding rate spike is any guide, traders are already positioned for a broader rotation.
