The analysis focuses on the ETHBTC valuation, currently at 0.038. A low of 0.017 was previously observed back in April 2025. The analyst examines Ethereum's USD logarithmic regression trend line, noting that historical lows on the regression band correspond to lows in the ETHBTC valuation. Key historical ETHBTC lows are identified in late 2015, late 2016, 2019 and early 2020. A bottom for ETH against BTC in the current market cycle is assumed. The analyst expects resistance around 0.038 to 0.04, but anticipates eventual further gains. They expect Bitcoin dominance may reverse in September. Long-term analysis indicate if Ethereum goes home to the regression, Ethereum might reach higher prices then there will be a correction again to around 0.04. The year-to-date return on investment for ETHBTC suggests recent outperformance of ETH relative to BTC. The speaker forecasts a September top for ETHBTC around the 0.04 level.