The ETH/BTC pair passed the key resistance at 0.08 on August 13.
Data from TradingView confirmed that Ethereum is now valued more in Bitcoin than in any other month in 2022. The 0.075 resistance zone, which had proved unbreakable for the bulls all through 2022, was finally overcome on August 10. At the time of writing, the pair is trading at 0.081 alongside Ethereum, crossing the $2,000 psychological resistance for the first time since May.
ETH/BTC price chart on a 1-Day time frame
At the same time, the market is seeing renewed confidence in altcoins, otherwise considered ‘riskier assets,’ with the total altcoin market cap now over $700 billion for the first time since the end of May.