"having a sharp slope," O.E. steap "high, lofty," from P.Gmc. *staupaz (cf. O.Fris. stap, M.H.G. *stouf), from PIE *steup- "to push, stick, knock, beat," with derivations referring to projecting objects (cf. Gk. typtein "to strike," typos "a blow, mold, die;" Skt. tup- "harm," tundate "pushes, stabs;" Goth. stautan "push;" O.N. stuttr "short"). The sense of "precipitous" is from c.1200. The slang sense "at a high price" is a U.S. coinage first attested 1856.
"to soak in a liquid," late 14c., of uncertain origin, originally in reference to barley or malt, probably cognate with O.N. steypa "to pour out, throw" (or an unrecorded O.E. cognate), from P.Gmc. *staupijanan. Related: Steeped; steeping.