Ethereum just hit a 3-month high against Bitcoin – $2,464 is the next target

Conversation around Ethereum [$ETH] likely entering an uptrend phase has grown louder, especially as market sentiment continues to flash positive signals.

The total crypto market capitalization has absorbed roughly $57.39 billion in inflows since the low on the 24th of July, and that liquidity has helped power Ethereum’s recent outperformance.

Structural patterns and market correlations point to fractal setups, which have often preceded a rally, suggesting more upside could follow.

Ethereum-Bitcoin correlation points higher

The $ETH/$BTC pair has printed its highest weekly close in 12 weeks—roughly three months—settling at 0.0289.

The ratio has continued to climb, and the move looks constructive given it now trades well beyond the descending resistance line on the chart.

Historically, this kind of breakout suggests capital is rotating into Ethereum before spilling into the broader altcoin market, often giving altcoins room to outperform.

The analyst Daan Crypto noted that the trend looks bullish, though several conditions still need to clear before that momentum can carry Ethereum higher.

His setup calls for $ETH/$BTC to reclaim both the 200-period moving average (MA) and the 200-period exponential moving average (EMA), while holding above 0.03—a level the pair currently sits above.

Ethereum’s outlook stays bullish

Analysts largely lean bullish, and most see a strong chance Ethereum extends its run. Michael Van de Poppe has trained his focus on the short-term picture, reading the recent surge as a breakout from support near $1,825.

Within his target zone, he expects Ethereum to revisit the local high it set earlier, near $2,464. Van de Poppe added,

“This build-up of $ETH is about to break towards $2,000+ for the first time in more than two months.”

On a broader time frame, his outlook turns even more bullish, with price settling into the same structure that preceded the rally after the COVID-19 crash—a bullish triangle.

According to his read, a hold at the triangle’s support would open the door for Ethereum to rebound and extend higher, with his chart work pointing to a long-term target between $12,000 and $17,000.

Is the bottom in?

The Puell Multiple, a cyclical indicator widely used to gauge whether the crypto market is over- or undervalued, offers another clue.

The metric has just climbed out of undervaluation territory, signaling that capital is gradually flowing back into the market.

Sustaining that recovery over time will be key for the market to find balance, particularly in the near term.

Final Summary

• Ethereum’s strength against Bitcoin has reached a level not seen in three months, a shift that historically clears the way for altcoins to rally.
• Analysts are leaning bullish, with short-term targets near $2,464 and longer-term calls stretching as high as $12,000 to $17,000 if support holds.