Ethereum is likely to start outperforming Bitcoin as strength increases

  • A trend towards underperforming Bitcoin has plagued Ethereum recently, causing buyers to show signs of surrender
  • Where in the medium term the ETH trends should largely, if not completely, depend on whether the BTC continues to rise in isolation or not
  • Bitcoin’s massive surge in recent times hasn’t done much to boost altcoins as many are still showing signs of weakness right now
  • This weakness became apparent when looking at Ethereum and the DeFi ecosystem
  • A trader now notes that ETH could soon buck this trend and post some massive short-term gains
  • He notes that ETH could soon hit a higher low against Bitcoin, which will only be invalidated if BTC continues to climb towards $ 30,000

Bitcoin has been holding back the growth of Ethereum and other altcoins lately. The massive increase was driven by institutional inflows that have not yet turned into smaller digital assets.

However, one trader believes this trend will soon change, and ETH is now aiming for a higher low on its Bitcoin trading pair.

He notes that this pattern could spell a long-term shift in the cryptocurrency that allows for further upward movements.

Ethereum is struggling to gain momentum when selling pressures rise

At the time of writing, Ethereum is trading a little over 4% at its current price of $ 610. Here has been traded in the last few days.

Selling pressures in the upper $ 600 region were severe for Ethereum and resulted in several strong rejections.

If this pattern continues, it could cause the crypto to suffer serious losses due to the weakness it has created against its Bitcoin trading pair.

Analyst: ETH will likely prevail over BTC in the long term

An analyst recently stated in a tweet that Ethereum could be on the verge of hitting a long-term low against Bitcoin.

Speaking about it in a recent tweet, he noted that it is very likely that ETH will make a higher low on its BTC trading pair.

“ETH: Remember this is the monthly chart but IMO we have made a higher low here and ETH is starting to outperform BTC. USD pair looks g, I bought the dip under $ 600. If things go a little better now, I’ll take care of Compound when it pulls out. Invalidation for BTC monkeys is much higher (over $ 30,000). “

Image courtesy Mayne. Source: ETHBTC on TradingView.

How Ethereum is doing against Bitcoin in the short term should give some serious insight into where the entire altcoin market is headed in the coming days and weeks.

Featured image from Unsplash. Charts from TradingView.

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