Bitcoin approaches the 100,000 mark, while Ethereum repeatedly sweeps around 3400. What signals are hidden behind this divergence?

It becomes clear when looking at three dimensions. First, the ETH/BTC ratio has fallen to a psychological threshold. Historically, every time the community is filled with complaints, it has often been the window for trend reversals. Second, institutional positions are quietly adjusting—interest in Bitcoin ETFs is cooling, while Ethereum ETFs are attracting funds, indicating that large capital is reallocating. The appeal of high-priced assets is diminishing, and they are quietly shifting towards secondary core assets. The third and key point is: the Layer 2 sector is exploding, with Base and Optimism activity soaring. Ethereum, as the mainnet's "rent collector," has solid fundamentals, and the lag in price increase has always been just a matter of time.

From a technical perspective, 3200 is the lower limit of defense. Once a moderate volume breakout above 3550 occurs, short-sellers will rush to escape, with the next target above 4000. As the bull market enters its second half, Ethereum's rally is just beginning.