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Ethereum (ETH) Breaks Above 30-Month High Against Bitcoin (BTC)

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Mon, 01/25/2021 - 11:16
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Vladislav Sopov
Today Ethereum (ETH) printed new all-time highs against USD. Meanwhile, ETH/BTC price is also retesting significant zones right now
Ethereum (ETH) Breaks Above 30-Month High Against Bitcoin (BTC)
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Today, Jan. 25, 2021, Ethereum (ETH) printed a new all-time high at $1,475 on major spot platforms. Meanwhile, Bitcoin (BTC) is failing to leave the descending channel that resulted after a remarkable $42,000 record.

Ethereum (ETH) touched amazing local high against Bitcoin (BTC)

According to the latest tweet by top-tier on-chain analysis platform Skew, the Ethereum (ETH) price is rocketing against both the U.S. Dollar and Bitcoin (BTC). Shortly after reaching its new all-time high at $1,475, the Ethereum (ETH) price against Bitcoin (BTC) surpassed 0.045.

Ethereum (ETH) prints new high againist Bitcoin (BTC)
Image via Twitter

Typically, 0.03 is considered the most crucial psychological level for the majority of traders. Thus, the global Ethereum (ETH) community find itself amidst another stage of its rally to new highs.

As such, Ethereum (ETH) is now up 1,420 percent since Black Thursday in Crypto (March 13, 2020). To provide context, Bitcoin (BTC), at its all-time high on Jan. 4, 2021, was up "only" 1,035 percent.

With this upsurge in the Ethereum (ETH) price, the price of an "entry ticket" to Ethereum 2.0 staking is $47,200. The net amount of value locked in an ETH2 deposit contract is over $4 billion in equivalent.

Altcoin season or DeFi season?

Ethereum (ETH) breakouts are interpreted as signals of the upcoming "altcoin season," or a significant increase in the prices of all digital assets besides Bitcoin (BTC).

However, the major altcoins are looking boring today: out of the top 10, only Bitcoin (BTC) and Bitcoin Cash (BCH) managed to gain more than 1 percent in 24 hours.

Meanwhile, there are many rallies in the DeFi room, i.e., among the native assets of decentralized financial protocols (DeFis). UNI, a Uniswapv2 token, added 16 percent overnight while Aave Protocol (AAVE) and Compound Finance (COMP) tokens are up 8 percent.

Related
ETH/BTC Expected to Print Golden Cross Ahead of Ethereum 2.0 Launch by Trader

As covered by U.Today previously, ETH/BTC levels of 0.025 and 0.03 are the most difficult for Ethereum (ETH) bulls to conquer. This trend has been intact for many months in a row.

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About the author

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)