ETH has an independent trend, with a daily increase far exceeding BTC, and the price hit a new high

Cocoa market data shows that ETH rose strongly this morning. After breaking through $1,400, the price continued to rise to $1,474, setting a new historical high. The daily increase was close to 10%, far exceeding BTC (2.1%).
According to market data, ETH began to accumulate momentum at 4 a.m. today, with the price rising from around $1,300 to $1,390 in small steps, preparing to attack the $1,400 mark. Around 8 a.m., the token rose rapidly in a short period of time, successfully reaching $1,400, and then continued to rise to $1,474, with a stronger rise than the market.
In fact, since BTC plunged sharply on January 11, leading the decline in the cryptocurrency market, ETH has taken a completely opposite trend from the broader market. Cocoa market data shows that since the sharp drop of more than $8,000 on the 11th, BTC has been in a downward trend. After multiple unsuccessful tests of $40,000, it turned back to the $30,000 level, and the price fell below the 30-day moving average.
On the other hand, ETH has been recovering its losses since it fell to $1,000 on the 11th. Not only has its price steadily rebounded to above the key support level of $1,200, but it has also attempted to break through $1,400 three times.
The recent trend of BTC and ETH reflects that the price correlation between the two cryptocurrencies has been declining. According to Coinmetrics data, the current correlation between BTC and ETH is 0.68, which is equivalent to the level since February 2018.

According to a report released by blockchain analysis company Chainalysis in November last year, the correlation between BTC and ETH prices may not be as strong as in the past. The company's report pointed out that BTC and ETH prices are driven by different use cases and different markets. Although both prices are currently rising, investors should not expect this correlation to be as strong as in the past.
“From April 2020, as the price rose, the flow of ETH from fiat to crypto exchanges was balanced, with more ETH flowing to DeFi than to centralized exchanges. Bitcoin was more fiat-driven into crypto exchanges, while Bitcoin traded less aggressively with altcoins, meaning investors preferred to buy Bitcoin with fiat currencies such as USD, EUR, GBP, rather than smaller altcoins.”
As the price of ETH continues to recover and stabilize at $1,200, the market's confidence in the cryptocurrency has increased. On the 20th of this month, when ETH broke through $14,000, David Grider, a strategist at Fundstrat Global Advisors LLC, predicted that the price of the token may soar 7 times to $10,500.
As of press time, ETH is priced at $1,436, up 8.51% in 24 hours. (Mars Finance)