Ethereum outshines Bitcoin, but ETH’s ATH still out of reach – Why?
2025-07-10 09:05:50
Main Idea
Ethereum (ETH) is outperforming Bitcoin (BTC) in recent gains but remains significantly below its all-time high, with structural correlations to Bitcoin and on-chain demand challenges hindering further breakout.
Key Points
1. Ethereum has surged nearly 30% in under three weeks, about 3x Bitcoin's gains, with the ETH/BTC pair rising 20%.
2. Despite recent strength, ETH is still trading 43% below its 2021 all-time high of $4,891 and has not closed above $3k in over five months.
3. Institutional interest in Ethereum is growing, with major holders like BlackRock controlling significant ETH holdings, creating potential supply-side pressure.
4. Ethereum's price action lags behind its fundamentals, remaining cycle-bound to Bitcoin, with a structural correlation that limits its breakout potential.
5. Recent protocol upgrades have not significantly boosted on-chain demand, further delaying Ethereum's ability to reach new all-time highs independently.
Description
Ethereum is spinning up like a quiet tornado, but still waiting to break free.
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