As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed countless market cycles and trends, and I must admit that the current situation of Ether against Bitcoin seems intriguing. The recent underperformance of Ether could indeed be nearing its end, and we might be on the brink of seeing Ether strengthen significantly against Bitcoin over the next two months.
The struggle between Ether and Bitcoin might soon come to an end, as crypto experts believe that Ether is getting near the significant $4,000 mark that psychologically influences its value.
According to Benjamin Cowen, the founder of In The Cryptoverse, he believes that the downturn in ETH/BTC is coming to an end or very close to it, and he anticipates further growth for the next 6 to 12 months.
Ether to strength against Bitcoin over next two months
When the ETH/BTC ratio, which measures Ethereum’s (ETH) potential power compared to Bitcoin (BTC), nears a potential bottom, numerous traders often anticipate an increase in the value of Ethereum.
“I said my worst-case scenario was 0.03 and ETH/BTC went to 0.03187,” Cowen said.
Currently, when the Bitcoin price reached $100,000, the exchange rate between Ethereum and Bitcoin (ETH/BTC) was 0.03820, as per TradingView data. Back in December 2015, this ETH/BTC pair experienced its lowest point ever at 0.00217.
He added that “historically ETH/BTC usually starts going up” in either December or January.
Over the previous 24 hours, Ether experienced a 5.5% increase, just shy of reaching the $3,900 mark. As of when this was written, Ether was being traded at $3,846 based on information from CoinMarketCap.
Meanwhile, Bitcoin recorded a 5.5% gain during the same period, with its current price at $101,345.
Under a pseudonym, digital currency investor DCInvestor shared with their 250,800 followers on X-platform that “For good reason, ETH is considered the leading path, and soon it will serve as a reminder of its dominance.
ETH $4,000 price will surprise ‘no one’
Bitwise Invest CEO Hunter Horsley believes that “no one will be surprised when ETH crosses $4,000.”
In a post on December 4th, Horsley stated that while there are many excellent primary languages (L1s), there’s still room for more. He noted that Android, iOS, and Windows all thrive side by side, each making different compromises to cater to various user preferences.
“The pie is growing, and ETH has a big lane,” Horsley added.
Currently, an anonymous cryptocurrency trader known as MisterSpread thinks that if Ether’s price reaches $4,000, it could trigger a short squeeze, potentially causing the price to increase by another 25%.
According to MisterSpread’s statement on X-post, if Ethereum (ETH) surpasses the $4,000 region, it’s likely that we might witness a significant price surge towards $5,000, which is often referred to as a “giant” or “long-legged doji” candle in trading terms.
No ‘serious competition’ for Ethereum in the short term
Stacks of shorts continue accumulating in this area, thus we’re observing the process of liquidation as it proceeds above the $4k mark,” MisterSpread noted.
According to Alex Thorn, head of research at Galaxy Digital, there’s no significant rival challenging Ethereum at the moment as reported in CryptoMoon Magazine.
According to Thorn’s statement, Ethereum stands as the globally recognized, highly valued, and most developed all-purpose blockchain that operates in a highly decentralized manner.
As for now, it appears that neither Bitcoin nor Solana, which are part of their respective blockchain ecosystems, seem likely to surpass Ethereum in becoming the primary hub for decentralized applications.
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2024-12-05 06:18