The ETH/BTC ratio has risen to 0.030, a three‑month high, signaling stronger ETH demand relative to BTC.

On-chain signals show bullish momentum and growing demand, but two of five bottoming indicators are near the levels seen at past bottoms, so a definitive bottom remains unconfirmed.

Ethereum’s validator exit queue has emptied, with zero validators waiting to withdraw staked ETH, while about 2.5 million ETH are queued to enter staking, locking up supply for roughly 43 days.

Seasonality could offer some support, as August historically brings an average ETH return of about 8.8%, though the median return is negative, suggesting notable year‑to‑year variation.

ETH has advanced about 19.6% over the past month, outpacing Bitcoin and leading among the top 20 cryptocurrencies.

Spot Ethereum ETFs attracted more inflows than Bitcoin funds last week, marking a third straight positive week for ETH‑based products, with notable purchases from Bitmine and Arthur Hayes.

Analysts view the rising ETH/BTC ratio and the emptied exit queue as positive signs, but a confirmed market bottom hinges on sustained demand and broader market conditions.