Ethereum's Target of $9,600 to Align with Historic ETH/BTC Ratio

CryptoRank's latest data reveals that Ethereum (ETH) needs to hit approximately $9,600 to reach its historic peak in the ETH/BTC trading pair, following a climb above its annual average ratio against Bitcoin. This comes after the ETH/BTC pair broke above its 365-day moving average for the first time since the Ethereum Merge. The analytics platform suggests that this could demonstrate Ethereum's potential for strength against Bitcoin, given continued bullish momentum.

Additionally, US spot Ether exchange-traded funds (ETFs) have seen over $3 billion in net inflows in the first half of August, marking their second-best monthly performance on record. Despite some volatility, experts suggest Ethereum's all-time high is "imminent" as market rotation into ETH gains momentum.