Ethereum Faces Monthly Close

Ethereum is approaching a crucial monthly close, with its price having gained 19.6% over the past month, outperforming Bitcoin's 5.2% rise [3]. The ETH/BTC ratio has climbed to 0.030, its strongest reading in 3 months, suggesting Ethereum's relative strength against Bitcoin [3].

Ethereum's Price Action

Ethereum's price has fallen out of its rising channel and is testing the 0.382 Fibonacci retracement, a crucial support level [4]. The price hesitation contrasts with record network activity, with approximately 2.5 million transactions per day, close to the highest level recorded in the network's history [4]. According to CryptoQuant's realized-price data, Ethereum is still trading below its realized price, which represents the average price at which the circulating supply last moved onchain [4].

The Competitive Picture and Tokenomics

DonAlt, a pseudonymous analyst, noted that Bitcoin needs to move decisively away from the $60,000 region and reclaim $65,000 to improve its technical outlook [1]. In contrast, Ethereum is displaying relative strength against Bitcoin, with a sustained move above $2,000 potentially improving its short-term structure [1]. The ETH/BTC MVRV ratio has fallen from 0.95 in August 2025 to about 0.65, still short of the 0.45 zone marking earlier floors [3].

What to Watch

• The $2,000 resistance level, a key milestone for Ethereum's short-term structure
• The ETH/BTC ratio, which has hit a 3-month high, indicating Ethereum's relative strength against Bitcoin
• The record network activity, with approximately 2.5 million daily transactions, which could challenge the idea that weak price performance necessarily means weak adoption

The real significance of Ethereum's price action lies in its ability to hold the current support level and potentially break out above $2,000, which could reopen a move toward its previous all-time high. The open question remains whether the improving ETH/BTC ratio and record network activity can sustain Ethereum's price momentum.