#ETHBTC fell to the 0.018 zone in April, its lowest level since January 2020. However, after finding support, the pair strongly rebounded in May, gaining up to 40%. This decision rekindled speculation about a potential altcoin season led by Ethereum.

At the same time, CryptoQuant data shows that ETH has entered an "extremely undervalued" zone compared to BTC, which has historically been a signal for strong recoveries to come in favor of Ethereum. The increase in spot volumes also suggests that investor attention is once again turning towards ETH.