Ethereum price rises 29% as Tom Lee says rotation has begun
Aug 24, 2026
Ethereum traded near $2,463 on Aug. 24 after gaining 29.3% over seven days, outperforming Bitcoin’s 21.4% weekly advance as Fundstrat co-founder Tom Lee said the long-awaited Ethereum rotation had begun.
Ethereum rotation appears in relative performance
Ethereum’s weekly gain exceeded Bitcoin’s by approximately eight percentage points. Based on prices around $2,463 for ETH and $77,446 for Bitcoin, the ETH/BTC ratio stood near 0.0318.
ETF flows provide evidence of institutional demand
U.S. spot Ethereum exchange-traded funds attracted $365 million in July, their strongest month since launching in 2024. Bitcoin funds received $205 million during the same period.
BitMine gives Lee direct exposure to the thesis
Lee serves as chairman of BitMine Immersion Technologies, a U.S.-listed company pursuing an Ethereum treasury strategy. BitMine’s latest release reported holdings of 5,815,164 ETH as of Aug. 16.
What happens next for Ethereum?
Ethereum must sustain its relative gains for the rotation argument to strengthen. Traders will watch whether the ETH/BTC ratio remains above 0.030 and whether ETH holds the recent breakout area around $2,400.
The next price resistance sits near $2,500. A sustained move above that level could extend the recovery, while a loss of $2,400 would weaken the immediate structure.
ETF flows will provide another test. Continued Ethereum fund inflows alongside a rising ETH/BTC ratio would offer stronger evidence of allocation changes than price performance alone.
