Discussion around Ethereum [ETH] entering a possible uptrend has intensified as broader crypto market indicators continue to show positive signals.

The total cryptocurrency market capitalization has taken in roughly $57.39 billion in inflows since its low on July 24, with that liquidity contributing to Ethereum’s recent outperformance.

Market correlations and structural patterns are also pointing to fractal setups that have often appeared before rallies, indicating that further upside could follow if the pattern continues. For traders watching relative strength, Ethereum’s performance against Bitcoin is a key gauge because it shows whether ETH is gaining ground versus the market’s largest crypto asset rather than simply rising alongside the broader market.

ETH/BTC posts highest weekly close in 12 weeks

The ETH/BTC pair recorded its highest weekly close in 12 weeks, or about three months, settling at 0.0289.

The ratio has continued to rise, and the move is being viewed as constructive because it is now trading well above the descending resistance line shown on the chart.

Historically, this type of breakout has suggested that capital is rotating into Ethereum before moving into the wider altcoin market, a pattern that has often allowed altcoins to outperform.

Analyst Daan Crypto said the trend appears bullish, although he noted that several conditions still need to be met before momentum can carry Ethereum higher.

According to his setup, ETH/BTC needs to reclaim both the 200-period moving average (MA) and the 200-period exponential moving average (EMA), while also holding above 0.03 — a level the pair is currently trading above. Those moving averages are commonly followed as trend filters, so the pair’s ability to hold above them would be watched as confirmation that the breakout is not only a short-term move.

Analysts maintain bullish Ethereum outlook

Analysts broadly remain bullish on Ethereum, with many seeing a strong possibility that the asset extends its recent move.

Michael Van de Poppe has focused on the short-term structure, interpreting the latest surge as a breakout from support near $1,825.

Within his target range, Van de Poppe expects Ethereum to revisit its earlier local high near $2,464. He 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, Van de Poppe’s view is even more bullish. He said Ethereum’s price is moving within the same structure that preceded the rally after the COVID-19 crash — a bullish triangle.

Based on that reading, a hold at the triangle’s support could allow Ethereum to rebound and continue higher. His chart analysis points to a long-term target range between $12,000 and $17,000 if support holds. The condition around support remains central to that setup, as the bullish interpretation depends on Ethereum maintaining the structure rather than breaking below it.

Puell Multiple exits undervaluation zone

The Puell Multiple, a cyclical indicator commonly used to assess whether the crypto market is overvalued or undervalued, is also offering a signal.

The metric has recently moved out of undervaluation territory, suggesting that capital is gradually flowing back into the market.

Maintaining that recovery over time will be important for the market to regain balance, especially in the near term. Alongside ETH/BTC, this gives analysts another market-cycle reference point to monitor as they assess whether liquidity conditions continue to improve.

Ethereum’s strength against Bitcoin has now reached a level not seen in three months, a shift that has historically preceded broader altcoin rallies. Analysts cited in the report remain bullish, with near-term targets around $2,464 and longer-term projections ranging from $12,000 to $17,000 if key support levels continue to hold.