Ethereum surged to about $1,970 on July 28, marking its highest level in roughly 10 weeks and sharply outpacing Bitcoin in the same session. The breakout was reinforced by a notable technical shift: the ETH/BTC ratio climbed to 0.030 and moved above its 200-day moving average for the first time since January.
The move matters because it suggests capital is rotating beyond Bitcoin and into higher-beta crypto assets. That pattern often signals improving risk appetite, but the durability of the rally still depends on ETF inflows, macro policy signals and whether Ethereum can hold newly reclaimed support near $1,944.
Ethereum has lagged for much of the past 18 months, so a relative-strength turn against Bitcoin stands out. Investors are now watching whether this is merely a relief bounce or the start of a broader rotation into the Ethereum ecosystem and altcoins.
Key Facts
- Ethereum traded as high as $1,970 on July 28 after opening at $1,953.02, up 4.3% from the prior session’s open.
- The ETH/BTC ratio reached 0.030 and broke above its 200-day moving average for the first time since January.
- Ethereum gained about 5% over the past week versus roughly 1% for Bitcoin, and since June 29 Ethereum is up 24% compared with Bitcoin’s 10% rise.
- U.S. spot Ethereum ETFs posted about $103.9 million in net inflows in the week ended July 24, versus $33.79 million for spot Bitcoin ETFs.
- Approximately 41 million ETH is staked, representing more than 30% of the 120.7 million circulating supply.
Ethereum Price and ETH/BTC Ratio
The most important development in this rally is not just Ethereum’s dollar price. It is the fact that Ethereum is gaining ground against Bitcoin after months of relative weakness. The move in the ETH/BTC ratio above 0.030, combined with a break of the 200-day average and a multi-month descending trend, gives traders a clearer technical case that momentum is improving.
That relative strength came as broader market conditions turned more supportive for risk assets. Easing geopolitical tensions, a sharp drop in Brent crude from above $100 to around $87, and lower odds of a near-term Federal Reserve rate hike all helped lift speculative assets. Ethereum typically reacts more strongly than Bitcoin to this kind of macro relief, and that higher sensitivity was visible again in the latest session.
The rally also spread into Ethereum-linked assets. DeFi tokens such as AAVE, LDO and ONDO posted stronger gains than ETH itself, a pattern often seen when investors move further down the crypto risk curve. If that continues, Ethereum could act as the bridge between Bitcoin leadership and a wider altcoin recovery. Even so, Bitcoin dominance remains elevated at 59%, which suggests the broader market has not fully rotated yet.
Ethereum’s move above $1,944 and the ETH/BTC break over 0.030 are the clearest signs in months that investors are testing a rotation beyond Bitcoin.
ETF Flows and Staking Are Shaping the Narrative
Fund flows delivered one of the more surprising data points of the period. U.S. spot Ethereum ETFs attracted approximately $103.9 million in net inflows in the week ended July 24, about three times the $33.79 million taken in by spot Bitcoin ETFs over the same stretch. That reversal matters because institutional demand had previously favored Bitcoin for most of the year.
Staking remains Ethereum’s structural differentiator. More than 41 million ETH is now staked, reducing liquid supply and creating a yield component that Bitcoin does not offer. That dynamic becomes more important as investment products begin to package staking exposure in regulated formats, potentially broadening Ethereum’s appeal to allocators seeking income as well as price upside.
Implications for Investors
For investors, the setup is improving but still fragile. Ethereum has reclaimed the 100-day exponential moving average near $1,944.79, and the next major test is a sustained move above $2,000. A daily close above that level would strengthen the bullish case and could open the path toward higher resistance near $2,055 and then the $2,200 to $2,239 zone. On the downside, support near $1,806 remains critical.
Portfolio positioning should reflect both the opportunity and the concentration risk. Ethereum is still down roughly 60% from its late-August 2025 record of $4,946, a deeper drawdown than Bitcoin’s 48% decline from its own peak. That leaves room for a sharper rebound if sentiment continues to recover, but it also means ETH remains more exposed to volatility, policy shifts and sudden reversals in ETF demand.
Investors should also watch the quality of sponsorship behind the rally. ETF inflows have improved, but they remain concentrated, and some large corporate treasury buyers appear to be slowing the pace of ether accumulation even as they remain long-term supporters of the asset. If broader demand replaces that concentrated buying, the breakout could prove durable. If not, Ethereum may struggle to hold gains once macro enthusiasm fades.
The next few weeks should determine whether Ethereum’s breakout becomes a sustained trend or stalls below $2,000. A stable ETH/BTC ratio above key technical levels, continued ETF inflows and resilient support near $1,944 would all strengthen the case for a broader crypto rotation.