The Ethereum ecosystem appears to be waking up today. In the last 24 hours, Ethereum has significantly outperformed Bitcoin – a rare occurrence in this bull run.
ETH’s price has jumped 8%, now trading slightly above $2,800. Meanwhile, Bitcoin has shown modest gains of 0.6%. While BTC continues to trade well above its previous all-time high from March, Ethereum remains 42% below its 2021 peak, despite today’s uptick.
What you'll learn 👉
ETH/BTC Technical Analysis Shows Promise
Bitcoin maximalist Benjamin Cowen shared an interesting observation on X regarding the ETH/BTC chart: “If it can get above the 50D SMA, then there is a good chance that ETH/BTC has bottomed.”
In simpler terms, this means that if Ethereum’s price relative to Bitcoin moves above its 50-day average price, it could signal the end of ETH’s underperformance against Bitcoin. This technical indicator often suggests a potential trend reversal, which could lead to a stronger ETH performance in the coming weeks.
Ethena’s Growth and Proposed Changes
Ethena (ENA) typically follows Ethereum’s price movements, and today is no exception – the token has surged 30%, reaching approximately $0.53.
Adding to the momentum, Wintermute has proposed activating the fee switch for Ethena’s sENA token to better align token holders’ interests with the protocol’s growth.
The proposal comes as Ethena demonstrates significant revenue generation and product-market fit for USDe, though currently, sENA holders don’t share in these benefits. This move could potentially create a more sustainable economic model for the protocol’s stakeholders.
Even though traders reacted positively on this news, it remains to be seen whether we are too late to the “Ethena party”. If the momentum continues, the the ENA price might revisit $0.7-0.8 range later this week.
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