As a seasoned researcher with years of experience tracking the crypto market, I must admit that this latest surge in Ethereum (ETH) is particularly intriguing. The ETH/BTC ratio climbing 17.8% in just a week has my analyst’s hat perked up. QCP Capital’s prediction of Ethereum potentially retesting its all-time high of $4,868 seems plausible, given the bullish patterns emerging on Ethereum’s daily charts.
This week, ETH/BTC has surged by 17.8%, while Ethereum ETF investments have reached over $90 million. These developments make it seem more likely that Ethereum will reach its record peak.
As an analyst, I observed that Ethereum (ETH) surpassed the overall cryptocurrency market by posting a significant increase of 11.65%, reaching a peak of $3,688. This upward trend seems to be a result of capital shifting from Bitcoin (BTC).
On November 27th, Bitcoin regained the significant $95,000 mark, coinciding with favorable PCE price index data. Meanwhile, Ethereum’s dominance is on the rise. At present, the ETH/BTC ratio is at 0.03760, representing a 17.8% increase compared to the previous week, as per analysts at QCP Capital.
The influence of Bitcoin (BTC) has weakened since it peaked at 61.50%, but Ethereum (ETH) against Bitcoin (ETHBTC) has remained relatively steady and is now at 0.03760, representing a 17.8% increase from last week. This puts the potential level of 0.0400 in our sights as a significant point to monitor.
QCP Capital
Ethereum targets all-time high
Despite Ethereum lagging behind Bitcoin and Solana (SOL) in the ongoing rally, QCP Capital suggests the recent ETH gains could lead to a retest of its all-time high of $4,868, offering a potential upside of 35.4% from current levels.
According to recent reports from crypto.news, Ethereum’s daily graphs show optimistic trends, such as the possibility of a ‘golden cross’, which occurs when the 200-day and 50-day Exponential Moving Averages are about to intersect in a way that suggests a bullish outlook.
The ecosystem for decentralized finance on Ethereum has experienced growth as well. The total worth locked in Ethereum-associated protocols increased by approximately $10 billion, a rise that followed optimistic trends triggered by Donald Trump’s victory in the U.S. presidential election, according to data from DeFiLlama.
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2024-11-28 18:14