Ethereum is showing strength against Bitcoin, with the ETH/BTC ratio also rising to its highest level in 10 weeks. On April 15 (local time), blockchain outlet Cointelegraph reported that the ETH/BTC ratio broke through downtrend line resistance that had held since August 2025, marking its first breakout signal in months.

The ETH/BTC ratio is currently trading near 0.0310 above its 50-day and 100-day exponential moving averages. The two moving averages are acting as support, and convergence in this range is interpreted as a signal pointing to a possible bullish crossover if the trend continues. The market is focusing on the possibility that Ethereum could secure a relative price advantage over Bitcoin on the chart.

In the background is the U.S. Securities and Exchange Commission's effort to clarify its position related to decentralised finance, or DeFi. XWIN Research analysed on April 13 that an SEC statement explained that DeFi front-ends and wallet interfaces can operate without broker-dealer registration if certain conditions are met, and said changes are emerging that further strengthen Ethereum's fundamentals. The conditions include not holding assets in custody and maintaining a neutral fee structure.

Corporate accumulation of Ethereum is also continuing. Bitmine added 71,524 ETH to its Ethereum treasury holdings on April 13. That increased its holdings to 4.87 million ETH and pushed it above 4 percent of the circulating supply. The amount added over the past 30 days alone totals 279,296 ETH. This confirms that ETH/BTC strength is not limited to charts but is also being reflected in actual fund flows.

Direction is mixed in the derivatives market. Analyst Gugaonchain said that as of April 14, Ethereum futures open interest stood at $16.37 billion, above the 14-day average. At the same time, the funding rate across exchanges was calculated at minus 0.0013 percent, suggesting short positions are in place against the upward move.

A different pattern appeared on Binance. Open interest on Binance rose 10.47 percent in a day to $6.04 billion, and the funding rate also turned positive to 0.015 percent. Gugaonchain said the global market still carries a short bias, but Binance-based funds are leaning toward buying. That means a structure has formed in which broader market short positions diverge from Binance long positions.

With some easing of regulatory uncertainty and corporate holdings rising rapidly, the futures market is showing opposing bets by exchange. The market is watching whether the shift in the ETH/BTC ratio trend will remain a temporary rebound or lead to further gains for Ethereum.

This move is drawing attention because it is not limited to a chart breakout, but coincides with regulatory interpretation, expanding corporate holdings and changes in derivatives positioning at the same time. A key variable going forward is whether Ethereum's relative strength spreads across spot and futures markets and broader corporate treasury strategies.