Ethereum (ETH) prices have fallen behind Bitcoin over the past two years. However, over the last two days, ETH has outperformed BTC and other major coins.
Ethereum’s recent price action on Bitcoin supports this bullish story. Recent chart data shows that the 1- and 4-hour charts of the ETH/BTC pair feature a rare golden cross, building short-term momentum courtesy of Ethereum.
Golden Cross usually occurs when the short-term moving average for the 50th term exceeds the long-term moving average, such as for the 200th term. Often it is considered a bullish signal ahead of a sustained upward momentum.
On the daily ETH/BTC chart, ETH is broken by 0.02 over a 50-day SMA on two days of climbing. This breakout could indicate the onset of a trend reversal, especially if the ETH can maintain strength above this level. If the rise continues, your next target could be a 200-day SMA. This is often seen as a gatekeeper for changing long-term trends.
ETH was the best day since 2021
In a tweet Friday, Arkham wrote, “Ethereum had its best day since 2021.” Ethereum surged nearly 30% on Friday following the Pektra upgrade, which core developers described as the “most ambitious upgrade” that the network has ever completed.
On Wednesday, Ethereum successfully implemented the Pectra upgrade. This was the network’s third major upgrade since the 2022 merge. This has been switched from the work proof consensus process to proof of interest.
On Thursday, the second-largest cryptocurrency by market capitalization broke the $2,000 barrier with a massive surge, eventually surpassing $2,400 early on Friday, reaching its highest level in almost three months. Between Thursday and Friday, ETH rose more than 37%, while Bitcoin rose only 7.7%.
The second-largest cryptocurrency has traded at $2,419, up 3.47% in the last 24 hours, beating Bitcoin’s daily profits by 0.08%.