FameEX Hot Topics | Ethereum Outshines Bitcoin, 20% Upside Already Unlocked

On-chain analytics firm CryptoQuant has identified a striking behavioral pivot in Ethereum markets. When ETH plunged below $2,700 on November 21, retail investors responded with ferocious buying pressure, igniting a swift, demand-driven recovery. This aggressive dip-buying echoes earlier accumulation phases—particularly March through May—where retail stepped in early, only for the market to deliver one final liquidity sweep before launching a more powerful leg higher. CryptoQuant interprets the current pattern as evidence that Ethereum may still orchestrate a measured pullback to shake out late entrants and reset leverage before resuming a healthier uptrend.

Ethereum’s Net Unrealized Profit/Loss (NUPL) metric currently hovers around 0.22, reflecting a psychologically balanced state: holders are in moderate profit but far from euphoric greed. Critically, NUPL has steadfastly refused to drop into negative territory, demonstrating that long-term holders remain structurally resilient and unwilling to capitulate. Historical data shows that as long as NUPL stays above the 0.20 threshold, underlying sentiment continues to favor an eventual rebound once catalysts align, dramatically reducing the likelihood of a deeper, panic-driven sell-off.

Technically, Ethereum is outperforming Bitcoin on higher timeframes. ETH recently printed a confirmed Break of Structure (BOS) by reclaiming and closing above $3,200—a 20-day high—effectively flipping former resistance into new support and signaling the beginning of a fresh bullish regime. Bitcoin, meanwhile, still needs a convincing daily close above $96,000 to achieve the same structural confirmation, leaving Ethereum with a clear relative-strength advantage and positioning it as the cleaner macro setup heading into year-end.

The ETH/BTC pair provides even stronger confirmation of Ethereum’s leadership. After months of compression, ETH/BTC has broken decisively above its 30-day range and successfully retested the 200-day SMA, a baseline that has held firm since July. Past instances of ETH/BTC reclaiming this moving average while escaping multi-week consolidation have consistently preceded periods of pronounced Ethereum outperformance. If Bitcoin stabilizes above $94,000 and clears $96,000, altcoin overhead pressure will ease, allowing ETH to first retest $3,650 and then target $3,900—representing an additional 20% upside where major liquidity pools currently reside.

Disclaimer: The information provided in this section is for reference only and does not represent any investment advice or the official views of FameEX.