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Ethereum breaks out against Bitcoin: Is a strong bull rally in the works?

Published 04/01/2021, 09:37 AM
Updated 04/01/2021, 11:20 AM
Ethereum breaks out against Bitcoin: Is a strong bull rally in the works?

Ether's (ETH) price has broken out for the first time in 23 days in its Bitcoin (BTC) pair. It follows a high-profile announcement from Visa (NYSE:V) to use USDC, a stablecoin based on the Ethereum blockchain.

Although ETH/BTC saw a strong technical breakout, the uptrend has been fueled by firm fundamental catalysts, buoying the short-term bull case for ETH.

ETH/USD 1-day chart with key lines. Source: Rekt Capital, TradingView.com
Ethereum's active addresses. Source: Glassnode

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