On April 15, Ethereum has recently strengthened against Bitcoin, with the ETH/BTC exchange rate rising to approximately 0.0313, the highest level in three months, but still far below the peak in January. The improvement in this ratio is attributed to strong on-chain activity for Ethereum: the number of new users surged by 82% in the quarter, trading volume reached an all-time high, and the total supply of stablecoins hit a historic peak of $180 billion. Analysts state that Ethereum must reclaim the 0.035 ETH/BTC level in weekly closing to indicate that the rotation of funds towards Ethereum is sustainable rather than a temporary rebound, especially since the current price of Ethereum is still over 50% lower than its 52-week high.