ETH/BTC ratio hits 10-week high as Ether outpaces Bitcoin: Are new price highs next?

The ETH/BTC ratio has climbed to a 10-week high, indicating that Ether (ETH) is gaining momentum against Bitcoin (BTC). The move follows renewed optimism around decentralized finance (DeFi) regulatory clarity and ongoing corporate accumulation of ETH.

Breakout signals in the ETH/BTC chart

The ETH/BTC ratio broke through a descending trendline resistance that had been in place since August 2025. A daily close above the trend line marks the first breakout in months.

Technically, the pair is trading above the 50-day and 100-day exponential moving averages (EMAs) at 0.0310. Both EMAs are now acting as dynamic support, while compression between the two averages points to a possible bullish crossover if the trend continues.

Regulatory catalyst and on-chain indicators

Ether’s improved performance has been linked to clearer DeFi guidance from the U.S. Securities and Exchange Commission (SEC), which the crypto community has welcomed. In parallel, Bitmine added 71,524 ETH to its Ether treasury on April 13.

XWIN Research said the underlying shift in Ether is supported by an April 13 SEC staff statement describing conditions under which DeFi front-ends and wallet interfaces may operate without broker-dealer registration, including requirements such as no custody and neutral fee structures.

XWIN Research added that on-chain data supports the change, citing rising active addresses that indicate renewed network usage. It also pointed to improving Coinbase Premium Gap, which it said suggests a recovery in U.S.-driven demand often associated with institutional flows.

“On-chain data supports this shift. Active addresses are trending upward, indicating renewed network usage. Meanwhile, the Coinbase Premium Gap is improving, suggesting a recovery in U.S.-driven demand, often linked to institutional flows.”

Corporate accumulation continues

As ETH/BTC shows relative strength, corporate-level accumulation has accelerated. Bitmine now holds 4.87 million ETH, representing over 4% of the circulating supply, after adding 279,296 ETH over the past 30 days.

Futures positioning and market imbalance

Crypto analyst GugaOnChain highlighted a sharp divide in ETH futures positioning. Global open interest reached $16.37 billion on April 14, above its 14-day average. Funding rates across exchanges remain negative at -0.0013%, indicating short positioning against the rally.

However, Binance-specific data shows a different picture: open interest on Binance rose to $6.04 billion, a 10.47% daily increase. Funding rates on Binance turned positive at 0.015%, signaling rising long positioning.

This has created a split between global shorts and Binance-based longs. The analyst said:

“We face an extreme imbalance. With 40% of global ETH Open Interest on Binance, the fuel for a violent move is ready.”