Last April, I wrote a blog post in which I noted the following point:
The line in the sand for the ratio is 0.04 - this is a clear resistance level going back to the beginning of September 2018…Bulls have not managed to close ETH/BTC above this level since it dropped below it then...
Ethereum has had quite the run since then, as it now trades near its all time highs.
Yet per the chart below, its value against Bitcoin still has lagged its performance versus the dollar:
$ETHBTC (Coinbase: Ethereum/Bitcoin)
Nevertheless, in my view it’s Ether’s time to shine, and this would be confirmed by a weekly close above 0.04 for the ETH/BTC ratio.
With nearly $4B locked up in the Ethereum 2.0 deposit contract, the transition to Proof of Stake may very well be the catalyst that spurs such a spike in Ether’s value versus Bitcoin.