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While Bitcoin has recently risen across all altcoins, including Ethereum, some indicators could point to a new rally for ETH.
Bitcoin’s performance last month significantly outperformed Ethereum. While Bitcoin has gained around 50% in value over the past 30 days, the increase in ETH’s price has been capped at 20-30%. However, according to some analysts, this difference between the two could close in the coming months, given the fundamental and technical indicators of Ethereum.
Is it time for Ethereum?
With the acceleration gained in recent weeks, Bitcoin has broken the record of the last 2 years even exceeding the threshold of $ 16,000. There was a serious difference between BTC’s successful bullish rally and altcoin’s performance. Although the dominance of the Bitcoin market is currently around 63%, it has increased to 66% over this period. But most market commentators suggest that there are signs that the altcoin rally may be tied, indicating that BTC’s dominance may soon decline. Analysts are also optimistic that Ethereum could lead a possible rally this way.
An analyst known as “HornHairs”, who has 44,000 followers on Twitter, shared a chart revealing Ethereum’s connection with Bitcoin’s movements in recent years. According to these graphical analyzes, ETH could rapidly increase in the coming weeks as it tries to catch up with Bitcoin.
Ethereum is far from its record price compared to Bitcoin; For this reason, it could launch an attack to fill this gap in the near future. While BTC is only 20% off its all-time high, its record value for Ethereum is even higher than 100%. Hence, according to HornHairs, ETH could gain serious momentum to bridge this gap in the near future.
Interest in ETH may increase
Institutional Ethereum purchases strengthened, according to data released by Grayscale earlier this month. The company also recently reported having over $ 1 billion in ETH for its clients. The company announced that its assets under management with its grayscale Ethereum Trust product have reached $ 1 billion as a milestone.
According to market analysts, ETH could continue to rise with the Ethereum 2.0 update. Ethereum 2.0 users can invest more in Ethereum as they will make profits by replacing miners in this innovation with validators.
