Ether (ETH) climbed to 0.02858 BTC this week, breaking above a resistance level that has held since June. Bitmine chairman Tom Lee called the breakout a signal that crypto is turning a corner.
Lee has tracked this ratio for months as a barometer for the wider market. He argues the move points to a shift that is already underway.
Why Lee Sees a Turning Point
Lee ties the rise to growth in stablecoins, tokenization, and new Ethereum spinoff projects. He also cites falling oil prices and progress on the CLARITY Act as supportive factors.
“There are reasons for ETH/BTC price ratio to rise in 2H2026, in short, ETH is money narrative likely gains traction.”
— Tom Lee, Fundstrat
Bitmine has been a big supporter of Ethereum, and kept buying ether through a heavy accumulation phase. Although Lee recently hinted its aggressive accumulation phase is nearing an end. Lee also tied a separate ether selloff earlier this quarter to routine quarter-end window dressing rather than weakening fundamentals.
Traders often treat the ETH/BTC ratio as a proxy for risk appetite across the wider altcoin market. A sustained climb would suggest capital is rotating out of Bitcoin and into higher-beta tokens. That pattern historically accompanies broader alt season rallies.
The Weaker Story Underneath
The ETH/BTC ratio touched 0.15 only briefly, at its 2017 peak, and has stayed below that level since. Lee’s $250,000 ether target would push the ratio above 25 times that 2017 high, based on current Bitcoin prices.
The pair still sits 7.72% lower over the past three months, even after this week’s bounce. Spot ether funds also posted a seven-week outflow streak in late June, a trend that has only partly reversed.
Whether the breakout holds through 2026 will show if Lee’s revival call was early or simply too soon.
Bitrue