Crypto Traders Say ETH/BTC Is The Most Important Chart Now: Here's Why

Crypto traders anticipate Ethereum (CRYPTO: ETH) to break out further against Bitcoin (CRYPTO: BTC) in the days to come.

What Happened: On Tuesday, the ETH/BTC trading pair reached a high of 0.0828, exceeding its previous yearly high seen on May 15.

Raoul Pal, global macro investor and founder of Real Vision, called ETH/BTC “the most important chart in digital asset markets right now.”

This sentiment was shared by popular crypto trader Cobie, who highlighted ETH/BTC is now the highest it has been in the last three and a half years

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Some crypto traders such as the founder of crypto trading group Crypto-TA didn’t believe the chart was really all that bullish.

The trader later reversed his skeptical stance and admitted that he “underestimated ETH’s strength” while confirming ETH/BTC did in fact break out on Tuesday.

Year-to-date, Ethereum has rallied by over 500% while Bitcoin has gained 96%, meaning Ethereum is outperforming Bitcoin by the largest amount since it was created in 2015.

Price Action: As of Wednesday afternoon at publication, BTC is trading at $58,440.96, up 2.29% in the last 24 hours. ETH was trading at $4,691, gaining 2.56% over the same period.

Photo by Executium on Unsplash