Ethereum (ETH) has caught up sharply with Bitcoin (BTC) on daily and weekly gains as the world’s largest cryptocurrency trades at levels of $ 34,000. At the time of going to press, the price of ETH has jumped 12.5% topping the $ 800 levels in a convincing push north.
Bitcoin’s phenomenal surge in prices over the past few months has pushed the ETH / BTC chart lower. However, ETH has recently taken on a strong momentum, with institutional interest increasing daily. Over the past week, the price of ETH has also gained 24%, adding $ 150 to its price.
As we can see in the weekly chart below, the ETH / BTC pair (orange line) has steadily moved lower, however, it has been heading north over the past 24 hours. This means that ETH has already started to gain strength in line with Bitcoin (BTC).
Several on-chain indicators for Ethereum also show that the world’s second largest cryptocurrency is fundamentally strengthening. As reported by Glassnode Alerts, ETH percentage addresses in earnings recently hit a new high of 93% in 2 years. At the same time, the total number of Ethereum addresses in the loss reached a low of 3.59 million in two years.
Much like the Bitcoin supply crisis, Ethereum’s liquidity crisis is becoming real. Glassnode Alerts also reports that the 3m-6m (1d MA) active supply has reached a 5-year low of 5.001 million ETH.
Previous 5-year low of 5,002,362,300 ETH was seen earlier today
View metric: https: //t.co/JB9sFi320m pic.twitter.com/ibHK1eXIx5
– glass knot alerts (@glassnodealerts) January 3, 2021
Ethereum’s price rise is only just beginning and 2021 could be a very bullish year for ETH. Gaining nearly 450% in 2020, Ethereum (ETH) was an outperforming Bitcoin last year. Analysts note that institutional stake in Ethereum is only picking up at Ethereum. Investors are very excited about the launch of CME ETH futures contracts during the next month of February 2020.
In recent tweets, Gemini Exchange co-founder Cameron Winklevoss wrote:
“ETH was the best performing asset (up 450%) of 2020 and still below its all-time high. Today it is the equivalent of 15K Bitcoin. I would take this bet all day ”.
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