Ethereum has been quietly gaining ground on Bitcoin, and the scoreboard now reflects it. The ETH/BTC trading ratio climbed to approximately 0.03 on July 27, marking its highest level in three months.
Over the past month, ETH has gained roughly 24%. Bitcoin, by comparison, managed about 8%.
The ratio tells a bigger story
For months, that compass was pointing firmly toward Bitcoin. The ratio sank to around 0.028 in February 2026. Now it’s climbed back above 0.03, though still well below the 0.038 level it touched in January 2026.
The ratio has traded above the 200-day simple moving average for the first time since January. ETH has bounced more than 20% since its June 6 low.
