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ETH outperformed Bitcoin ahead of the Merge event in September. Is evidenced by the second largest cryptocurrency by market capitalization, up 61% against Bitcoin since June.

Looking at the ETH/BTC price chart since 2018, ETH has finally surpassed the 0.077 BTC level reached in January 2022 and is now just 12% below its 4-year high.

The bullish sentiment is revving hopes for Flippening, i.e., ETH overtaking Bitcoin in market cap.

For this to happen, the price needs to increase by 100% and reach around $3,750. That target, however, is still 23% below the all-time high (ATH) of $4,800 set in November 2021.

Ethereum is also dominating in terms of other metrics, such as the number of active addresses and the number of transactions. Both indexes started skyrocketing around July, with ETH now recording almost 100k more active addresses than rival Bitcoin.

However, one key indicator is that Ethereum’s resurgence is probably short-lived. The amount of ETH held on exchanges increased over the past few months, while Bitcoin decreased significantly.

The fact that ETH is outperforming Bitcoin at the moment. The number of active addresses is an on-chain indicator that shows users interacting with the network, not just those who are HODL.

The growing number of altcoins by market capitalization on exchanges softens this sentiment. Still, an increase in the volume of coins held on exchanges is by no means a perfect indicator of bearish sentiment.