The ETH ratio continues to trade within a defined multi-month range, currently hovering near the 0.05 level. This persistent weakness in Ethereum relative to Bitcoin raises questions about near-term catalysts for ETH. While the Bitcoin ETF inflows dominated narrative and potential ETH ETF delays are clear factors, underlying network activity on Ethereum remains robust. Gas fees are relatively low, suggesting sustainable usage, but this hasn't translated into ratio strength yet. Technical analysis points to 0.048 as critical support; a decisive break below could signal a deeper correction phase for the ratio. Conversely, reclaiming 0.055 convincingly might indicate a shift in momentum.

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