What the ETH/BTC ratio shows

ETH/BTC is the price of one Ether measured in Bitcoin. If the line goes up, Ethereum is doing better than Bitcoin; if it goes down, Bitcoin is winning — regardless of what the dollar prices are doing.

Altcoin seasons

Strong rallies in ETH/BTC have often marked the start of broader altcoin seasons, when smaller coins outperform. Compare the ratio with its 200-day average to judge the trend.