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Ethereum (ETH) has been strongly catching up with Bitcoin (BTC) on daily and weekly gains as the world’s largest cryptocurrency trades at $34,000 levels. At press time, ETH price has surged 12.5% moving past $800 levels in a convincing surge northwards.
Bitcoin’s phenomenal price surge over the last few months has pushed the ETH/BTC chart downwards. However, ETH is building up strong momentum recently with institutional interest rising every passing day. Over the last week, the ETH price 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 been constantly dropping, however, it has been picking northwards in the last 24 hours. Meaning ETH has already started gaining strength in accordance with Bitcoin (BTC).
Several on-chain indicators for Ethereum also shows that the world’s second-largest cryptocurrency is getting stronger fundamentally. As reported by Glassnode Alerts, the ETH percentage addresses in profit have recently hit a new 2-year high of 93%. At the same time, the total Ethereum addresses in the loss have hit a two-year low of 3.59 million.
Just like the Bitcoin supply crunch, the Ethereum liquidity crisis is getting real. Glassnode Alerts also reports that the Active Supply 3m-6m (1d MA) has reached a 5-year low of 5.001 million ETH.
???? #Ethereum $ETH Active Supply 3m-6m (1d MA) just reached a 5-year low of 5,001,364.420 ETH
Previous 5-year low of 5,002,362.300 ETH was observed earlier today
View metric:https://t.co/JB9sFi320m pic.twitter.com/ibHK1eXIx5
— glassnode alerts (@glassnodealerts) January 3, 2021
The Ethereum price rally is just getting started and 2021 could be a very bullish year for ETH. Gaining nearly 450% in 2020, Ethereum (ETH) was an outperformer to Bitcoin the last year. Analysts note that the institutional participation in Ethereum is just picking up in Ethereum. Investors are very much excited about the launch of CME ETH futures in the next month of February 2020.
In his recent tweets, Gemini exchange co-founder Cameron Winklevoss wrote:
“ETH was the best performing asset (up 450%) of 2020 hands down and still below its all-time high. Today it’s the equivalent of 15K Bitcoin. I would take that bet all day long”.
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