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Increased utility in DeFi, NFTs back Ethereum’s 3-year high in its ETH/BTC pair -Breaking

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Ether is the theme this weekETHIn comparison to (, ), the ) was at a new high in 2021.BTCThe rally’s year-to-date returns are slightly higher than 350%. Technical analysis suggests that the rally may go even farther.

December 1st, Coinbase (NASDAQ 🙂 saw the highest bids of the pair at 0.0835 BTC for the first-ever time in this year’s history. This upside movement was part of an upward trend that began in October after Ether dropped against Bitcoin to 0.0630 BTC. It brought about almost 41% price recovery.

Daily price chart for ETH/BTC TradingView
Total Value locked within ETH-based DeFi platforms (including staking). Source: Defi Llama
Chart of daily prices Source: TradingView
ETH/BTC Weekly Price Chart with Ascending Triangle Setup TradingView