Ethereum (ETH) price has gained 19.6% over the past month. That beat the 5.2% rise in Bitcoin (BTC) and led the 20 largest cryptocurrencies.

The second-largest cryptocurrency is flashing three bullish signals in the final days of July. On-chain data still shows the asset short of a confirmed bottom.

ETH/BTC Ratio Hits a 3-Month High

The ETH/BTC ratio climbed to 0.030, its strongest reading in 3 months. The ratio shows Ethereum’s strength relative to Bitcoin, regardless of whether the overall crypto market is rising or falling.

A rising ratio suggests that Ethereum is outperforming Bitcoin. This often signals a stronger demand for ETH.

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Bitmine chairman Thomas Lee cited the breakout when the company raised its Ethereum holdings and equity buyback.

“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. In fact, this ratio is now at a 3-month high…which we believe bodes well for future strengthening of ETH prices,” he said.

Ethereum’s Validator Exit Queue Has Emptied

Ethereum’s validator exit queue has dropped to zero, according to ValidatorQueue data, indicating that no validators are currently waiting to withdraw their staked ETH.

The queue peaked at above 2.6 million ETH in September. Analyst Merlijn The Trader treated that shift as evidence of exhausted selling.

“That queue cleared straight into a 47% drawdown. Whoever wanted out is already out. That is what a ETH bottom looks like,” the analyst noted.

Meanwhile, roughly 2.5 million ETH is queued to enter staking, with waits near 43 days. That imbalance locks up supply rather than releasing it.

Ethereum Demand Holds as Whales Keep Buying

Besides technical and on-chain signals, demand also remains strong. Spot Ethereum exchange-traded funds (ETFs) drew more money than Bitcoin funds last week. It marked a third straight positive week for the product.

The gap widened on Monday. Ethereum funds took in $9.23 million on July 27, while Bitcoin funds lost $11.64 million, according to SoSoValue data.

Bitmine added 9,946 ETH over the same period. That lifted its holdings to 5.79 million tokens, close to 4.8% of the circulating supply.

Furthermore, Arthur Hayes has bought 7,213 ETH since July 15, worth about $13.87 million. The overlap highlights broad accumulation. Funds, corporate treasuries, and individual whales are all adding ETH simultaneously.

Seasonal trends also offer some support. Ethereum has delivered an average August return of 8.84%, while its median return for the month is -1.87%, suggesting performance has varied significantly across years.

While seasonality alone does not guarantee further gains, it does not currently present a strong historical headwind either.

Despite this, a bottom has not yet been confirmed. CryptoQuant counts 2 of the 5 signals it tracks at levels seen at past bottoms. 

“Two of five signals are at bottoming levels; the rest are improving but not yet there,” the report read.

The ETH/BTC MVRV ratio has fallen from 0.95 in August 2025 to about 0.65. Prior Ethereum bottoms against Bitcoin were closer to 0.45.

Relative selling pressure tells a similar story. The ETH/BTC exchange inflow ratio dropped from above 1.5 to roughly 0.8, still short of the 0.4 zone marking earlier floors.

While Ethereum is flashing several bullish signals, on-chain data suggests a market bottom has yet to be fully confirmed. Continued demand and broader market conditions will likely determine whether the rally can extend further.

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Source: BeInCrypto