Ethereum (CRYPTO: ETH) has outperformed Bitcoin (CRYPTO: BTC) gaining over 19% compared to Bitcoin’s 5% increase as three bullish signals emerge beneath the price action.
Why ETH Is The Strongest Major Right Now?
Trader Pentosh1 said on X that ETH remains the strongest major in the market and sees the $1,700s as a potential accumulation zone if price pulls back there over the next few weeks.
He put short-term upside in the low $2,000s, with some chop expected heading into the midterms.
The ETH/BTC ratio climbed to 0.030, its highest reading in three months.
Bitmine Immersion Technologies Inc (NASDAQ:BMNR) chairman Tom Lee cited the ratio directly when the company raised its ETH holdings last week.
“We view the rising ETH/BTC ratio, despite the falling odds of passage of the Clarity Act in 2026, as a sign crypto prices are strengthening,” Lee said.
Three Bullish Signals Behind The Move
The first signal as discussed is the ETH/BTC ratio hitting a three-month high, pointing to Ethereum outperforming on a relative basis regardless of broader market direction.
The second is Ethereum’s validator exit queue dropping to zero after peaking above 2.6 million ETH in September.
Analyst Merlijn The Trader said on X that the clearing of the queue into a 47% drawdown means whoever wanted out is already out.
Meanwhile, roughly 2.5 million ETH is now queued to enter staking with waits near 43 days, locking up supply rather than releasing it.
The third is ETF inflows turning consistently positive. Ethereum ETFs recorded three straight weeks of net buying totaling roughly $294 million, according to SoSoValue data:
- Week ending July 24 — $103.90M inflow
- Week ending July 17 — $105.44M inflow
- Week ending July 10 — $84.42M inflow
ETH Price Today: Key Technical Levels
ETH holds at $1,908, sitting inside the 0.382 to 0.5 Fibonacci zone between $1,837 and $1,939.
The Parabolic SAR at $1,852 sits just below price, and a daily close below it immediately re-confirms the downtrend.
The 20-day EMA at $1,860 and 50-day at $1,840 are converging just overhead as near-term resistance.
Holding $1,837 is the key condition for the recovery thesis to stay intact. Losing it opens $1,711 fast, with $1,506 as the next level below that.
Key levels for ETH:
| Type | Level | Why it matters |
| Resistance | $1,939 | 0.5 Fibonacci level |
| Resistance | $2,042 | 0.618 Fibonacci level |
| Support | $1,852 | Parabolic SAR level |
| Support | $1,837 | 0.382 Fibonacci floor |
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