ETH/BTC rebound is leading market recovery, analysis finds

The rebound in the ETH/BTC ratio is leading the market's recovery, according to an analysis by CoinDesk. The ratio has bounced to around 0.0313 since its low in January, with ETH rising approximately 4% over the past seven days to outperform BTC. The media outlet explained that growth in on-chain data is behind ETH's rebound. In the first quarter of this year, the number of new ETH users increased by 82% from the previous quarter to 284,000, and total transactions hit a record high of 200.4 million. The supply of ETH-based stablecoins has also reached $180 billion, accounting for a 60% market share. However, CoinDesk added that ETH remains more than 50% below its 52-week high. For the current rebound to transition from a simple short squeeze into a genuine trend reversal, the ETH/BTC ratio must reclaim the 0.035 level.