Ethereum outshines Bitcoin, but ETH’s ATH still out of reach – Why?

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.