- Ethereum’s price has skyrocketed and reached new all-time highs on some exchanges, but not all.
- The cryptocurrency has largely outperformed Bitcoin in the past 48 hours.
Ethereum made a good advance to its previous all-time high and hit $ 1,438 on Binance, just $ 2 away. Ethereum is up over 11% against Bitcoin and has reached 15% in market dominance, its highest number since August 2018.
Ethereum’s performance outperforms Bitcoin and points to a new all-time high
There are many positive on-chain metrics in favor of Ethereum. For example, the number of active addresses with a balance of more than 0.01 ETH continues to grow. Similarly, the Eth2 deposit contract has more than 2.67 million ETH in total, for a total value of more than $ 3.7 billion at current prices.
Number of active addresses with a balance of more than 0.01 ETH
Even more fascinating is the number of new whales joining Ethereum. Since January 6, the number of whales that have between 1,000,000 and 10,000,000 ETH has increased by two, which is quite significant.
ETH holder distribution chart
Furthermore, the number of Ethereum coins within exchanges has continued to decline since December 17, 2020. This shows once again that investors are not interested in selling and expect the price of Ethereum to rise further.
ETH supply on exchanges
In July 2020, Ethereum managed to beat Bitcoin in daily transaction volume and has been steadily increasing since then. Currently, Ethereum settles around $ 12 billion in daily transactions, about $ 3 billion more than Bitcoin.
ETH vs. Bitcoin transactions
It’s also important to note that ETH’s open interest is also at an all-time high with around $ 4.85 billion in open positions. The increase in open interest basically means that a lot of new money is flowing into the market and it should help the current uptrend continue.
ETH / BTC weekly chart
With this in mind, an inverted shoulder-head-shoulder pattern appears to have formed on the weekly ETH / BTC chart, which should see a breakout in the short term pushing Ethereum 60% to a target similar to the previous chart. , giving a lot of credibility to the bullish outlook.
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