Ethereum (ETH) Price Has Outperformed Bitcoin (BTC) Over the Past Two Days

Ethereum's (ETH) price has lagged behind Bitcoin's (BTC) price over the last two years. However, over the past two days, ETH has outperformed BTC.

Ethereum’s (ETH) price has lagged behind Bitcoin (BTC) over the last two years. However, over the past two days, ETH has outperformed BTC and other major coins.

Recently, Ethereum’s price action against Bitcoin has been bullish.

According to recent chart data from TradingView, at the time of writing, rare golden crosses have appeared on the ETH/BTC pair’s one-hour and four-hour charts, with short-term momentum quickly building in Ethereum’s favor.

A golden cross occurs when a shorter-term moving average, usually the 50-period, crosses above a longer-term moving average, like the 200-period. It is often regarded as a bullish signal that precedes sustained upward momentum.

On the daily ETH/BTC chart, the crypto is still on the way to breaking above the 50-day Simple Moving Average (SMA) at 0.02 in a two-day climb. This is a key resistance level that has previously capped upside attempts.

This breakout could signal the start of a trend reversal, especially if ETH can maintain strength above this level. If the rise continues, the next target could be the 200-day SMA, often seen as a gatekeeper for long-term trend changes.

ETH just had its best day since 2021

In a Friday tweet, Arkham wrote that “Ethereum just had its best day since 2021.”

(Link: https://twitter.com/ArkhamCapital_/status/1703444751861607706?s=20)

Ethereum surged nearly 30% to a high of $2,489 on Friday, following the Pectra upgrade, which core developers described as the “most ambitious upgrade” the network has ever completed.

Earlier this week, on Wednesday, Ethereum successfully implemented its Pectra upgrade. This was the network’s third major upgrade since The Merge in 2022, when it switched from the proof-of-work consensus process to proof of stake.

On Thursday, the second-largest cryptocurrency by market capitalization burst through the $2,000 barrier in a significant surge, eventually topping $2,400 early Friday, reaching its highest level in almost three months.

Between Thursday and Friday, ETH climbed by more than 37%, while Bitcoin advanced by 7.7%.

The second-largest cryptocurrency is currently changing hands at $2,419, registering a 3.47% increase in the last 24 hours, outperforming Bitcoin’s daily gains of 0.08%.