- Ethereum’s Q2 was a perfect cocktail of technical breakouts and key ratio reversals
- Does this setup have the legs to carry into Q3?
Q2 is nearly on the books, and Ethereum [ETH] has delivered a comeback quarter in every sense.
With nearly 40% quarterly gains so far, ETH has outpaced Bitcoin’s [BTC] 28.81% ROI, marking a sharp reversal from its bruising Q1. At the time, ETH bled nearly 50% from its $3,334 opening.
That drawdown left a big chunk of holders underwater. And, despite Q2’s rally, many still haven’t fully resurfaced. Could Q3 be the inflection point where Ethereum finally delivers for the holders who sat through the pain?
From capitulation to upside – ETH’s redemption run
Q1 pushed Ethereum to the edge, and early Q2 didn’t offer much relief.
Structurally though, the tide began to shift. ETH has steadily reclaimed market dominance, climbing back towards its 10% share – A sharp reversal from the record low of 6.95% on 22 April.
At the same time, the ETH/BTC ratio hit a five-year low, lining up with ETH’s own multi-year bottom at $1,441 in mid-April. That moment felt like rock bottom. However, it also set the stage for a serious bounce.
By early May, the ratio had ripped over 25% off the lows, right as ETH smashed through the $2k resistance and sprinted to a quarterly high of $2,878 on 11 June. And yet, the move doesn’t feel like it’s run its course just yet.
Source: TradingView (ETH/BTC)
Since mid-May, the ratio has moved sideways. However, it’s been printing higher lows with every dip – A classic sign of accumulation. Buyers are stepping in faster, the pullbacks are shallower, and rotational flows into ETH remain steady.
If this pattern resolves higher, ETH could carry its Q2 breakout into Q3 with serious follow-through. This could set the stage for a potential trend reversal in the ETH/BTC macro structure.
BlackRock bets on Ethereum – Will the market follow?
Smart money isn’t backing off Ethereum. In fact, BlackRock has deployed $750 million into ETH in June so far, and hasn’t sold a single coin. That kind of conviction doesn’t show up unless the upside looks meaningful.
According to AMBCrypto, with a 40% quarterly rally already in the books, Ethereum has been drawing in serious capital chasing asymmetric returns.
Case in point – Lookonchain flagged a sharp move where a whale borrowed 10 million USDT to buy 3,983 ETH at $2,510.64. Clearly, it’s not just institutional flows doing the heavy lifting.
The whale address count (1k–10k ETH) surged to a two-year high of 4,970 too, signaling that deep-pocketed players may be stepping back in with size.
Source: Glassnode
And when that kind of capital rotates in, it’s usually not by accident.
Given Ethereum’s clear technical and statistical edge over Bitcoin throughout Q2, this shift feels more like a calculated reallocation than a short-term trade.
Zooming out, the signals might be aligning too. With rising whale activity, institutional flows, and a strong ETH/BTC base, ETH could be set to carry its Q2 dominance into Q3, finally giving LTHs the upside they’ve been waiting on.
