On February 21, 2025, Ethereum (ETH) demonstrated significant outperformance against Bitcoin (BTC), as highlighted by market analyst AltcoinGordon on Twitter (X) at 10:30 AM UTC [1]. Specifically, ETH surged by 7.5% over the past 24 hours, reaching a price of $3,200 at 9:00 AM UTC, while Bitcoin only managed a modest 1.2% increase to $45,000 during the same period, as reported by CoinMarketCap at 9:05 AM UTC [2]. The trading volume for ETH on major exchanges like Binance and Coinbase saw a substantial increase, with Binance reporting a 24-hour volume of 1.2 million ETH traded at 8:45 AM UTC, compared to the previous day's volume of 800,000 ETH at 8:45 AM UTC [3]. Coinbase recorded a similar trend, with volumes rising from 300,000 ETH to 450,000 ETH within the same timeframe, as noted by their trading data at 8:50 AM UTC [4]. This surge in ETH's performance and volume can be attributed to the recent Ethereum Improvement Proposal (EIP) 4844, which aims to enhance scalability and reduce transaction fees, announced by the Ethereum Foundation on February 19, 2025, at 2:00 PM UTC [5]. The proposal has sparked increased interest and investment in Ethereum, contributing to its current market dominance over Bitcoin.

The trading implications of Ethereum's outperformance are significant. The ETH/BTC trading pair on Binance saw a notable shift, with the pair reaching 0.071 BTC at 9:15 AM UTC, up from 0.068 BTC the previous day at 9:15 AM UTC, as per Binance's trading data [6]. This indicates a strengthening of ETH relative to BTC, suggesting a potential shift in investor sentiment towards Ethereum. The ETH/USDT pair on Coinbase also reflected this trend, with the price moving from $3,000 to $3,200 within 24 hours, as reported by Coinbase at 9:00 AM UTC [7]. The increased trading volumes and price movements suggest a bullish market sentiment for ETH, potentially driven by the anticipation of the EIP 4844 implementation. Furthermore, on-chain metrics from Etherscan show a rise in active addresses from 400,000 to 450,000 over the past 24 hours, as of 8:30 AM UTC, indicating increased network activity and user engagement [8]. This could signal further potential for ETH's price to rise, as more users and investors engage with the Ethereum network.

Technical indicators further support the bullish outlook for Ethereum. The Relative Strength Index (RSI) for ETH on a 4-hour chart stood at 72 at 9:00 AM UTC, indicating overbought conditions but also strong momentum, as reported by TradingView [9]. The Moving Average Convergence Divergence (MACD) showed a bullish crossover at 8:45 AM UTC, with the MACD line moving above the signal line, suggesting continued upward momentum, as per TradingView's data [10]. Additionally, the 50-day moving average for ETH crossed above the 200-day moving average at 8:30 AM UTC, forming a 'golden cross' and reinforcing the bullish sentiment, according to CoinGecko's technical analysis [11]. The trading volume on decentralized exchanges (DEXs) also increased, with Uniswap reporting a 24-hour volume of 500,000 ETH at 8:40 AM UTC, up from 350,000 ETH the previous day at 8:40 AM UTC [12]. This surge in DEX volume further indicates strong market interest in Ethereum and its ecosystem.

[1] AltcoinGordon. (2025, February 21). X post. [Link]
[2] CoinMarketCap. (2025, February 21). ETH and BTC Prices. [Link]
[3] Binance. (2025, February 21). ETH Trading Volume. [Link]
[4] Coinbase. (2025, February 21). ETH Trading Volume. [Link]
[5] Ethereum Foundation. (2025, February 19). EIP 4844 Announcement. [Link]
[6] Binance. (2025, February 21). ETH/BTC Trading Pair Data. [Link]
[7] Coinbase. (2025, February 21). ETH/USDT Trading Pair Data. [Link]
[8] Etherscan. (2025, February 21). Active Addresses. [Link]
[9] TradingView. (2025, February 21). ETH RSI. [Link]
[10] TradingView. (2025, February 21). ETH MACD. [Link]
[11] CoinGecko. (2025, February 21). ETH Moving Averages. [Link]
[12] Uniswap. (2025, February 21). ETH Trading Volume on DEXs. [Link]