Ethereum's exchange rate against Bitcoin climbed to a 12-week high on July 27, 2026, with the ETH/BTC ratio touching 0.0289 as capital appears to rotate out of Bitcoin and into the second-largest cryptocurrency by market cap. The move comes as the broader crypto market has absorbed $57.39 billion in net inflows since July 24, even as total market capitalization sat at $2.303 trillion with Bitcoin dominance holding at 56.50%.
Analyst Daan Crypto framed the move in technical terms, saying the ETH/BTC pair needs to “reclaim both the 200-period moving average (MA) and the 200-period exponential moving average (EMA), while holding above 0.03” to confirm a more durable shift in momentum toward Ethereum.
Where Traders See the Next Move
With the ratio still below that 0.03 threshold, traders are watching $2,464 as the next price target for ETH itself, with $1,825 marked as the key support level should momentum stall. Some analysts are looking further out: one long-term range floated for Ethereum spans $12,000 to $17,000, though that outlook depends on ETH sustaining the kind of relative strength against Bitcoin it has shown over the past three months.
Michael Van de Poppe pointed to a broader accumulation pattern building beneath the surface, stating that “this build-up of ETH is about to break towards $2,000+ for the first time in more than two months.”
Technical Signals Line Up
Beyond the moving averages, other indicators are cited as supporting the bullish case. The Puell Multiple, a metric that compares the dollar value of newly issued coins to its moving average, is reportedly exiting undervaluation territory. Chart watchers have also drawn comparisons between Ethereum's current price structure and the bullish triangle pattern that preceded its rebound following the COVID-19 crash, suggesting a similar breakout setup may be forming.
Whether Ethereum can follow through on that setup will likely hinge on the ETH/BTC ratio holding above 0.03 in the sessions ahead. A confirmed break above that level, combined with the moving-average reclaim analysts are watching for, would mark Ethereum's clearest relative strength signal against Bitcoin in months.
