I just noticed that the ETH/BTC ratio is showing an interesting rebound from February's lows. It traded near 0.0313 this week, which is its highest level in three months. It’s still far from January’s peak around 0.038, but the movement definitely catches the eye.

What caught my attention is that this rally seems to have real fundamentals behind it. In Ethereum, on-chain numbers are quite solid: new users grew 82% quarterly, transactions reached a record of 200 million per quarter, and the supply of stablecoins on the network reached $180 billion, its all-time high. That accounts for 60% of the global stablecoin market, so there is real demand.

But here’s the interesting part: ETH gained only 4% in the last week while BTC rose 3.06%, so the rebound in the ratio is more due to relative rotation than an explosive move. Analysts say we need to see a weekly close above 0.035 to confirm this is a real recovery and not just a passing bounce. Meanwhile, ETH remains 50% below its 52-week high, so there’s room for surprises if sentiment shifts.