Growth in the use of DeFi and NFT data has pushed Ethereum's Bitcoin value to a three-year high.

This week, the price of ETHer (ETH) against Bitcoin (BTC) hit its highest level in 2021, with an annual return of over 350%. Research shows that the challenge can continue.

On December 1, the auction for the ETH / BTC pair reached 0.0835 BTC on Coinbase for the first time this year. This bullish round is part of the uptrend that started in mid-October, before ETH / BTC bottomed out at the 0.0630 BTC position, drawing a price retracement of almost 41%.

Adoption on the rise to boost ETH rise

The ETH / BTC rate reflects human interest in Ethereum. In terms of user and market value, Ethereum is now the smartest smart contract in the world. This is slightly different from Bitcoin, which is often used as an indicator of inflation in global markets.

In recent years, ETH has become an important asset in cryptocurrency development areas such as non-homogeneous tokens (NFT), decentralized finance (DeFi), and meta-universes. Companies operating in this field need ETH as a smart contract, which increases the demand for ETH and encourages increased costs.

The demand for ETH is expected to be strong in the coming years, and this simple fact has led many analysts to predict that the cost of ETH will range from $ 6,000 to $ 10,000.

Miller Tabak Co. COO Matt Maley believes ETH would benefit more if it broke the high of $ 4,900 in mid-November. According to Maley, the Bitcoin bull market is still at a level near $ 69,000 to $ 65,000 in mid-November and mid-April.

Maley said ETH has been successful in the past and maintained an all time high, while BTC is in decline.

"This would indicate that ETH has become the new cryptocurrency of choice for most investors."

ETH's approval for BTC indicates that the past will be stronger than the future.

A long bullish breakout is brewing

Recent purchases have allowed ETH / BTC to cross the trendline for several months leading to an uptrend. Currently, the pair is long term bullish at 0.1 BTC.

In general, ascending triangles are continuous patterns. That is, it tends to send the value in the direction of the previous pattern as the maximum of the upper and lower trend lines measured at the break point.

The break rate for ETH / BTC is around 0.077 BTC and the triangle maximum is 0.022 BTC. Under normal circumstances this would move the ETH / BTC pair to 0.1 BTC, but given the uncertainty of the crypto environment anything is possible.