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06/21 02:43

 Q1 pushed Ethereum to the edge, and early Q2 didn

 Q1 pushed Ethereum to the edge, and early Q2 didn’t offer much relief. 

Structurally though, the tide began to shift. ETH has steadily reclaimed market dominance, climbing back towards its 10% share – A sharp reversal from the record low of 6.95% on 22 April.

At the same time, the ETH/BTC ratio hit a five-year low, lining up with ETH’s own multi-year bottom at $1,441 in mid-April. That moment felt like rock bottom. However, it also set the stage for a serious bounce.

By early May, the ratio had ripped over 25% off the lows, right as ETH smashed through the $2k resistance and sprinted to a quarterly high of $2,878 on 11 June. And yet, the move doesn’t feel like it’s run its course just yet.

Since mid-May, the ratio has moved sideways. However, it’s been printing higher lows with every dip – A classic sign of accumulation. Buyers are stepping in faster, the pullbacks are shallower, and rotational flows into ETH remain steady

If this pattern resolves higher, ETH could carry its Q2 breakout into Q3 with serious follow-through. This could set the stage for a potential trend reversal in the ETH/BTC macro structure.

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