ETH/NDX ratio turns bullish for first time in about four years

Ethereum’s price relative to the Nasdaq 100 has broken above a level it had failed to clear since 2022, marking a bullish turn for the first time in about four years, according to Real Vision crypto market analyst Jamie Coutts on X. Coutts said the weekly ETH/NDX ratio, which divides ETH’s price by the Nasdaq 100 index, had moved above 0.087. He added that when a similar pattern last appeared in 2019, ETH went on to post its biggest gains on record relative to tech stocks. Amid recent net inflows into ETH ETFs, Coutts said the launch of Robinhood Chain is also supporting strength in DeFi, adding that crypto’s dormant giant is waking up.