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With eth/btc up 17.8% this week and ethereum ETF spot inflows surpassing $90 million, analysts suggest ethereum's path to its all-time high looks increasingly achievable.
ethereum (eth) outperformed the broader cryptocurrency market, rising 11.65% to a high of $3,688, as capital rotated out of bitcoin (btc).
The surge comes as bitcoin reclaimed the critical $95,000 level on Nov. 27, following online PCE Price Index results. However, ethereum's relative strength continues to rise. The eth/btc ratio currently stands at 0.03760, up 17.8% from the previous week, QCP Capital analysts noted.
“With btc dominance breaking from its high of 61.50%, ETHBTC has held up well and is currently at 0.03760, up 17.8% from last week. This places 0.0400 as the next level to consider.”
QCP Capital
ethereum aims for all-time high
Even though ethereum lags bitcoin and Solana (SOL) in the ongoing rally, QCP Capital suggests eth's recent gains could lead to a retest of its all-time high of $4,868, offering potential upside for the 35.4% compared to current levels.
As previously reported by crypto.news, ethereum's daily charts indicate bullish patterns, including the potential for a golden cross as the 200-day and 50-day exponential moving averages approach a bullish crossover.
ethereum's decentralized financial ecosystem has also seen growth. The total value locked in ethereum-based protocols increased by about $10 billion, following bullish momentum fueled by Donald Trump's victory in the US presidential election, according to <a target="_blank" href="https://defillama.com/chain/ethereum” target=”_blank” rel=”nofollow”>data from DeFiLlama.
