Ether has broken through the key resistance level of 0.02858 BTC, which had been restraining prices since the beginning of summer. Bitmine CEO Tom Lee views this momentum as a primary sign of a shift in market trend and the start of a large-scale transformation in the digital asset industry.
The analyst has been closely monitoring the ETH/BTC ratio for several months. In his view, the current dynamics confirm that the market is undergoing a phase of capital redistribution. The breakout of this level is not just a local movement, but an indicator of a change in sentiment among major players.
Why Lee believes the market is turning around
Lee links the rise to the growth of the stablecoin segment, the move towards tokenization of real-world assets, and the emergence of new projects based on Ethereum. Among additional factors, he highlights the decline in oil prices and progress with the CLARITY Act, which could improve the regulatory environment in the U.S.
"There are reasons for the ETH/BTC exchange rate to rise in the second half of 2026. In short, the idea of ETH as money is likely to gain popularity," noted Tom Lee.
Bitmine has long supported Ethereum and is actively increasing its positions in ETH. However, Lee recently indicated that the phase of aggressive buying is nearing completion. Previously, he attributed a separate wave of ether sales this quarter to routine sales at the end of the reporting period, rather than a deterioration in fundamentals.
Traders often use the ETH/BTC ratio as a marker of investor sentiment in the altcoin market. A prolonged rise in this ratio indicates a shift of capital from Bitcoin to more volatile tokens, which traditionally leads to a broad rally across altcoins.
There is another side
ETH/BTC has only touched the 0.15 mark once — in 2017 — and has remained below it ever since. At the current price of Bitcoin, Lee's target of $250,000 for ether implies a 25-fold increase relative to its previous all-time high.
Over the past three months, the pair is still declining — with a drawdown of 7.72%, despite the recent surge. At the end of June, ether-focused funds ended a seven-week outflow, which has only been partially compensated so far.
My comment: The breakout of ETH/BTC is indeed an important technical signal, but for a sustainable trend, confirming growth in trading volumes and liquidity inflow into altcoins is necessary. It is too early to talk about a full reversal — the market may face a retest of the broken level.