Ethereum, the world’s second-largest cryptocurrency by market capitalization, is finally stepping out of Bitcoin’s shadow. After a prolonged period of underperformance against Bitcoin, Ethereum (ETH) has surged ahead in recent days, driven by a mix of technical indicators, a major network upgrade, and renewed investor enthusiasm.
Over the past two years, Ethereum has consistently lagged behind Bitcoin (BTC) in terms of price action and market momentum. But this week has painted a very different picture. Over just two days, ETH not only outperformed Bitcoin, but also outpaced the majority of other major altcoins.
The change in market dynamics has been underscored by a series of bullish signals on Ethereum’s trading charts, especially when measured against Bitcoin. Notably, rare “golden crosses” have formed on both the one-hour and four-hour ETH/BTC charts—technical patterns closely watched by traders and analysts. A golden cross occurs when a short-term moving average, typically the 50-period, crosses above a longer-term moving average, such as the 200-period. This pattern is generally seen as a precursor to sustained upward price momentum.
Further supporting the bullish narrative is ETH’s behavior on the daily ETH/BTC chart. In the last two days, Ethereum managed to break above its 50-day simple moving average (SMA) at the 0.02 level—a resistance line that had previously stifled upward moves. Surpassing this level signals a potential trend reversal. If Ethereum can hold its position above this mark, the next significant technical target could be the 200-day SMA, often considered a key indicator for long-term trend shifts.
In a tweet on Friday, blockchain intelligence platform Arkham highlighted the magnitude of the rally: “Ethereum just had its best day since 2021.” Indeed, the numbers support the claim. Ethereum rocketed nearly 30% to a high of $2,489 on Friday—its strongest single-day move in over three years.
The rally appears to have been ignited by Ethereum’s successful implementation of its much-anticipated “Pectra” upgrade on Wednesday. Described by core developers as the “most ambitious upgrade” in Ethereum’s history, Pectra represents the third major network upgrade since “The Merge” in 2022, when Ethereum transitioned from a proof-of-work (PoW) consensus mechanism to proof of stake (PoS). The upgrade included a range of improvements aimed at boosting efficiency, scalability, and developer flexibility.
Following the upgrade, ETH decisively broke through the $2,000 mark on Thursday—a psychological and technical barrier that had held for weeks. That breakout accelerated into Friday’s surge past $2,400, bringing ETH to its highest trading level in nearly three months.
Between Thursday and Friday alone, Ethereum jumped more than 37%. In contrast, Bitcoin only managed a 7.7% gain over the same period. As of the latest data, ETH is trading at $2,419, up 3.47% in the past 24 hours—once again outperforming Bitcoin, which saw only a modest 0.08% daily increase.
While the crypto market as a whole remains volatile and highly sensitive to macroeconomic conditions, Ethereum’s recent performance suggests that investor sentiment around the network is shifting. The Pectra upgrade appears to have reignited optimism around Ethereum’s long-term roadmap and its potential to evolve into a more scalable and feature-rich platform.
Looking ahead, analysts will be watching to see if Ethereum can sustain momentum above the 50-day and ultimately the 200-day SMA on the ETH/BTC chart. If it does, it could signal a broader altcoin resurgence and a potential shift in capital away from Bitcoin dominance.
For now, Ethereum is enjoying a rare moment of leadership in the market—and the rally may be far from over.
