Increased utility in DeFi, NFTs back Ethereum’s 3-year high in its ETH/BTC pair

Increased utility in DeFi, NFTs back Ethereum’s 3-year high in its ETH/BTC pair
© Reuters

This week, Ether (ETH) price reached a new 2021 high against Bitcoin (BTC), bringing its year-to-date returns slightly above 350% and according to technical analysis, the rally could extend even further.

On Dec. 1, bids for the ETH/BTC pair hit 0.0835 BTC on Coinbase (NASDAQ:COIN) for the first time this year. The upside move came as a part of an uptrend that started mid-October after Ether bottomed out against Bitcoin at 0.0630 BTC to carve out almost 41% price retracement.

ETH/BTC daily price chart. Source: TradingView
Total valued locked inside ETH-based DeFi platforms (including staking). Source: Defi Llama
ETH/USD daily price chart. Source: TradingView
ETH/BTC weekly price chart featuring Ascending Triangle setup. Source: TradingView

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