Reasons why, after Bitcoin's surge over $104,000, Ethereum might set a new record

Over the last two weeks, Ethereum has risen roughly 20% compared to Bitcoin.

During the same era, the amount of Ethereum owned by whales increased by roughly 7%.

Capital rotation suggests a possible altcoin season as Bitcoin reaches $104,000 and traders cash out.

The price of Ethereum (ETH) is trading around $4,000 at the start of Thursday. The second-largest cryptocurrency is preparing to challenge its all-time high of $4,868 in 2021. There is evidence from technical indications that Ethereum is going higher in price.

In the wake of Bitcoin's (BTC) breakout over $100,000 and record high above $104,000, Ethereum and other top-50 altcoins rose in support of the cryptocurrency.

More Ethereum is being hoarded by whales and the supply of exchanges is going down, according to on-chain data, which bodes well for future ETH increases.

In a showdown with Bitcoin, Ethereum surges 20% in just two weeks
According to the ETH/BTC price chart on Tradingview, Ethereum has gained around 20% compared to Bitcoin over the last two weeks. Ethereum gains momentum over Bitcoin, the biggest cryptocurrency, even as Bitcoin continues its climb and surpasses the $100,000 milestone.

Between the August 2024 high of 0.05019 and the current level of 0.04382, the ETH/BTC pair encounters resistance. In the near future, traders should be on the lookout for more rises in Ethereum.

Indicators for technical analysis According to the indicators RSI and MACD, which stand for Moving Average Convergence Divergence, the thesis is positive. RSI is reading 57 and is rising steadily; there is no indication of divergence.

The optimistic argument might be thrown out if Ethereum's closing price doesn't surpass 0.03907. It is possible that ETH may gather liquidity in the Fair Value Gap (FVG) between 0.03054 and 0.03524 if the pair were to correct.

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