As of July 8, ETH/BTC was trading inside the bull flag range, eyeing a breakout above the upper trendline. The pair could rise to as high as 0.031 BTC if the breakout occurs alongside a rise in trading volumes.

In other words, Ethereum could rise by almost 35% versus Bitcoin in the coming weeks, probably by August. Conversely, a breakdown below the flag’s lower trendline may invalidate the bullish setup, setting ETH/BTC on the path toward the 0.017-0.018 BTC range.

Publicly listed crypto mining firm Bit Digital (BTBT) has rebalanced its treasury, selling 280 BTC to acquire 100,603 ETH, according to a company disclosure. Reports such as these further strengthen Ether’s potential to outperform Bitcoin.

The broader altcoin market cap, excluding Bitcoin, is now testing a key ascending support trendline that has triggered major rallies in the past.