Tuesday, February 11, 2025

Is Ethereum Ready to Outshine Bitcoin? Analyzing the Potential Turnaround of ETH/BTC Pair

Article Image

Originally published on: September 29, 2024

Ethereum has been lagging behind Bitcoin by a significant margin, hitting a low against the largest cryptocurrency by market capitalization not seen since 2021. The big question now is whether this dip presents a buying opportunity for Ether or if it will continue to underperform.

While Bitcoin has been trading sideways for months, with some analysts predicting a breakout and a new all-time high in the fourth quarter, the outlook for Ether is less optimistic. According to Polymarket, there is an 85% chance that Ether will not reach a new all-time high by 2024.

Despite the pessimism, Bitwise Asset Management’s CIO sees potential for Ether as a “contrarian bet through the end of the year.” Could this signal a turnaround for Ethereum against Bitcoin?

Analyzing the chart of ETH/BTC reveals a symmetrical triangle pattern, indicating a standoff between the bulls and bears. The pair is currently testing support, with moving averages sloping downward and the RSI near oversold territory, suggesting bearish control. However, a bounce off support could see the pair aim for a breakout above the triangle, potentially targeting 0.18 BTC.

On the daily chart, ETH/BTC has been trading within a descending channel, but a positive divergence in the RSI and flattening moving averages hint at reduced selling pressure. A breakout above key levels could signal a trend change, while a break below support may extend the downward momentum.

In the volatile world of cryptocurrencies, predicting price movements is challenging. However, analyzing the technicals of the ETH/BTC pair offers insights into the potential turnaround of Ethereum against Bitcoin. Will Ether manage to outperform its rival in the coming months? Stay tuned to find out.

Hot this week

Study Finds 1 in 5 US Voters Engaged with Cryptocurrency

Originally published on: December 18, 2024A recent survey conducted...

Revolutionizing Blockchain Technology: Key Takeaways from G6 Networks AMA

Originally published on: December 18, 2024Gabor Bovai and David...

HashKey Group Unveils Revolutionary Ethereum Layer-2 HashKey Chain Mainnet

Originally published on: December 18, 2024HashKey Group, a pioneering...

Beware of Phishing Scammers: A Warning from Ledger’s Users

Originally published on: December 18, 2024Reports have surfaced indicating...

Avara Founder Supports Removal of Polygon Markets from Aave Platform

Originally published on: December 18, 2024Stani Kulechov, the CEO...

Topics

Study Finds 1 in 5 US Voters Engaged with Cryptocurrency

Originally published on: December 18, 2024A recent survey conducted...

Revolutionizing Blockchain Technology: Key Takeaways from G6 Networks AMA

Originally published on: December 18, 2024Gabor Bovai and David...

HashKey Group Unveils Revolutionary Ethereum Layer-2 HashKey Chain Mainnet

Originally published on: December 18, 2024HashKey Group, a pioneering...

Beware of Phishing Scammers: A Warning from Ledger’s Users

Originally published on: December 18, 2024Reports have surfaced indicating...

Avara Founder Supports Removal of Polygon Markets from Aave Platform

Originally published on: December 18, 2024Stani Kulechov, the CEO...

Crypto Communities Across the US Gear Up for Festive Meetups

Originally published on: December 18, 2024As the holidays approach...

Ethena Labs Joins Forces with Trump-Backed World Liberty Financial for Exciting Partnership

Originally published on: December 18, 2024Ethena Labs, a leading...

Unlock Your Football Skills with Cristiano Ronaldo and Binance Partnership

Originally published on: December 18, 2024Binance and Cristiano Ronaldo...
spot_img

Related Articles

Popular Categories

spot_imgspot_img