Ethereum Dips Below $3,600 After Trump Tariff Remarks, But ETH/BTC Ratio Hits Multi-Week High

Ethereum faced a sharp pullback Wednesday as former President Donald Trump’s tariff comments rattled risk markets.

In a press briefing, Trump said he’d only ease tariffs if foreign markets opened wider to U.S. goods—a hardline stance that sent shockwaves across global assets.

Ethereum reacted fast. The price slipped below $3,600, falling to $3,590—its lowest in days, according to CoinMarketCap.

But beneath the surface, a deeper shift is underway.

At the same time ETH/USD slid, the ETH/BTC ratio quietly hit its highest level in weeks—climbing above 0.031, up from 0.022 just a month ago. That’s a 40%+ move in 30 days, underscoring Ethereum’s strength relative to Bitcoin.

The Dual Drivers for Ethereum: Institutions and ETFs

This relative ETH strength isn’t a fluke. Two forces are fueling it:

1. Institutional buying: Funds and large players continue locking in Ethereum positions.
2. ETF inflows: July has seen record weekly inflows into Ethereum-based exchange-traded funds. Assets under management are swelling, signaling surging investor appetite.

Smart contract usage, DeFi traction, and staking demand all add tailwinds. Confidence is rebuilding—and the ETH/BTC ratio tells that story clearly.

Since its five-year low near 0.018 in April—matching March 2020 crash levels—the ETH/BTC ratio has now rebounded more than 70%. Bulls point to the 0.02 level as a new long-term support floor.

The ETH/BTC ratio has grown over 40% in the past month, climbing to ~0.031 from as low as ~0.022 on June 23.

This gain roughly matches Ethereum’s 60%+ price rally over the last 30 days, fueled by growing institutional interest and massive #Ethereum ETF inflows in July. pic.twitter.com/WpnTXf1RoG

— CryptoRank.io (@CryptoRank_io) July 23, 2025

Altseason Rumblings Grow

As Ethereum gains ground on Bitcoin, traders are beginning to whisper the “A” word again—altseason.

Historically, when ETH outperforms BTC, smaller-cap coins tend to follow. Decentralized exchange volumes have ticked higher. Open interest in ETH perpetuals has surged. Funding rates have flipped positive on major platforms.

Even with today’s dip, Ethereum’s fundamentals remain firm:

• Daily Transactions: 1.2M+
• Staked ETH: Over 10 million
• Gas Usage: Spiking across DeFi protocols

Macro Uncertainty Lingers

Still, macro clouds haven’t cleared. With key U.S. inflation data due this week, the Federal Reserve could keep interest rates elevated. That could pressure all risk assets, crypto included.

Trump’s tariff tone just added another layer of uncertainty. Some see it as noise. Others view it as a reminder: U.S. policy remains volatile—and so does the market.

• ETH Price: $3,590
• ETH/BTC Ratio: ~0.031 (up from 0.022 on June 23)
• Monthly ETH Gain: 60%+
• ETF Inflows: Record highs in July

Ethereum’s price has wobbled—but the broader trend still leans bullish. The rising ETH/BTC ratio signals underlying strength. Institutional buyers are still circling. ETF inflows keep building. And altcoin traders are watching closely.

If the ratio breaks above 0.035, many expect the next leg up—not just for ETH, but for the entire altcoin market.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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