With whales starting to exchange Bitcoin accumulations for Ethereum or just pour more capital into the latter and the current suspected altcoin season propelling the coins in question, the second most popular cryptocurrency seems to be second to none. Ethereum has had the most remarkable performance for the past few days, and the news and speculations are that it will keep sticking to an upward trajectory that will catapult it to the top of crypto in terms of the best assets for the near future.
The recent traction gained by altcoins, particularly Ethereum, has had analysts and pundits hone in on a bull run and a continuous Ethereum price improvement. The forthcoming quarter seems to bring good fortune, and, according to some crypto analysts, it’ll take the form of a breached 3K threshold. According to Jelle, an analyst who has posted on ex-Twitter, X, her self-made predictions are that Ethereum is to surpass the $3,000 price point. Instead, what will happen from there on remains subject to even more speculation.
To date, all we know about Ethereum is that it’s already seized a new 18-month high that hasn’t been captured since April 2022. Notably, Ethereum is drawing a lot of attention on crypto exchanges, witnessing higher expectations placed on its performance than on Bitcoin, according to data from Binance. The looming question remains: could Ethereum fail, meet, or surpass these elevated anticipations?
Ethereum Does Well Out Of Btc Etf News:
Much noise has been created lately regarding the highly-awaited spot Bitcoin ETF approval in the U.S. and the commencement of tradeable Bitcoin ETPs (exchange-traded products). With a public statement tabled and published on the official SEC webpage where Bitcoin makes the case and spot ETPs are depicted as tradeable from the 10th of January, plenty of agitation has revolved around the crypto poster child. However, a potential confusion exists, with SEC Chair Gary Gensler suggesting the agency’s X account has been the victim of a hack and a fake statement regarding the newest tradeable financial products has leaked.
Amidst the current Bitcoin frenzy, it may have initially seemed like the primary crypto would be the one to reap the advantages – at least, from the point of view of some investors. The actual scenario, however, reveals a different scenario—Ethereum is now enjoying the fruits of Bitcoin’s labor. To exemplify, we can look at the price movement of the two giants since the emergence of the news. While BTC has dropped by 4%, ETH has gained 5%.
The Ascending Triangle Pattern Depicts A Positive Picture:
Numerous examples of ascending triangle patterns exist and inflict hope on investors. One of the most renowned exhibits is a 2017 Ethereum chart, according to which a consolidation season came after a breakout to the upside. Almost inevitably, the movement led to a colossal rally witnessed by the ETH’s price.
Fast forward, and Ethereum’s continuous growth over the past months paints a potential new rally that will hold well onto Q2. One motif behind this optimism is the resemblance between the 2017 scenario above and the current Ethereum progress.
An ascending triangle pattern was created both times, breaking out to the upside. Just as this plot resulted in a gigantic rally seven years ago, many pundits believe history will repeat itself.
However, before investing enormously in cryptos like Ethereum, it’s crucial to draw parallels and acknowledge the dissimilarities. While Ethereum was navigating a solid bull market at those times, the current situation is that the asset is traversing a lingering bear period.
The Ethereum Etf Seizes Google Crypto Queries:
The attention an asset receives in the media and online queries is usually bringing about good luck. Ethereum is the star on the scene, having all the eyes move from the reigning crypto, Bitcoin, to itself, even though the ETF news is about Bitcoin. Parallelly, most other assets fail to profit from the buzz in the short term. It’s safe to say that the announcement of new tradeable products, the Bitcoin ETPs, has risen to become a typical case of “buy the rumor, sell the news” occurrence.
Surprisingly, the debates around the new financial products have shifted toward a potential similar event for Ethereum, this time – the second largest crypto by market cap. The main factor supporting the veracity of such statements is the Google Trends activity – a digital tool to measure the attention events, products, and other creations receive online.
The “Ethereum ETF” keyword has hit an unprecedented ATH in the U.S. over the past year. Similarly, data garnered by the giant financial news platform, Finbold, suggests that by the end of the second week of the month, the words related to these products have reached a popularity score of one hundred. Remarkably, the most potent activity was registered between the 6th and 14th of the month, leading to the highest point recorded.
All the frenzy and hype in the media is favorable for Ethereum’s price, driving demand for the asset as we move forward.
Prominent Investors Are Betting And Stocking Up On Ethereum:
Recently, and right after the news of the former BTC ETF approval hoax broke in, a prominent investor, or whale as they’re mainly called, invested in 11 million worth of the leading cryptocurrency just to swap it for 11 million worth of Ethereum right after. Findings suggest that the whale in question isn’t the only one to act as such, but that on-chain data shows fabulous cash inflows from whales into Ethereum.
ETH whale accumulations are rising at unparalleled rates. Smart Money, for instance, a finance data and news provider, has indicated that a total of over $23 million has been injected into the ETH market during a day, and chances are the trend is withholding.
Analysts on the ex-Twitter platform, X, express beliefs and confidence in a potential shift from Bitcoin to Ethereum regarding investors’ funds. Alex Kruger, a famous crypto expert, and X user indicated that an ETH/BTC bottom is on the horizon. Another account with a high following from crypto pundits and enthusiasts, namely Cold Blooded Shiller, has also placed high bets on an ETH price explosion on the back of an upcoming ETF decision.
Signs regarding Ethereum’s near future are bullish, with its recent breakout from the ascending triangle pattern on charts and the excellence of its performances. As always, you’re encouraged to DYOR and act in consequence.