Ether’s relative performance against bitcoin has become one of the cleaner signals for crypto traders this week. CoinDesk’s July 3 Crypto Daybook noted that ETH/BTC was rising toward its 100-day simple moving average, a level that has repeatedly acted as resistance during previous recovery attempts.
The same report showed why the bounce should not be read as a clean all-clear signal. Bitcoin and ether put options were still trading at premiums to calls, meaning traders were still paying up for downside protection. The reported one-week bitcoin 25-delta put-call skew had cooled from the previous extreme, but remained elevated enough to show that fear had eased rather than disappeared.
For spot traders, the practical question is whether ETH/BTC can hold above the moving-average zone instead of only touching it. A durable hold would suggest that ether is no longer just participating in a broad crypto rebound; it would show real relative-strength improvement versus bitcoin.
For futures and perpetual traders, the message is more cautious. When options traders prefer protection and large block trades are structured for range-bound outcomes, leverage should be sized for failed breakouts, not only for upside continuation. Tight liquidity around holiday periods can also make wicks more violent than the headline trend suggests.
A useful checklist is simple: watch ETH/BTC at the moving average, confirm whether ETH spot volume expands on green sessions, compare funding rates with open interest, and avoid adding leverage after a sharp move unless the invalidation level is clear.
Sources: CoinDesk Crypto Daybook on BTC/ETH options and ETH/BTC; CoinDesk Data market-data overview.
Risk notice: Crypto assets and derivatives are highly volatile. This article is educational market commentary, not investment advice or a recommendation to buy or sell any token or contract.
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