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Cryptocurrency News Articles
Ethereum (ETH) Could Underperform Against Bitcoin (BTC) in the Short Term, Crypto Analyst Warns
Jul 20, 2024 at 04:00 am
A prominent crypto analyst is issuing a warning to traders, saying that Ethereum (ETH) could underperform against Bitcoin (BTC) in the short term.
A prominent crypto analyst is warning traders that Ethereum (ETH) could underperform against Bitcoin (BTC) in the short term.
Pseudonymous crypto trader Kaleo, who has 642,600 followers on the social media platform X, shared his analysis in a new strategy session. He believes that ETH will lag behind BTC over the next week.
However, the strategist adds that the launch of spot market Ethereum exchange-traded funds (ETFs) will eventually lead the leading smart contract platform to outpace the crypto king.
“Gonna be a contrarian here and say that I believe Ethereum actually dips a bit next week vs. BTC. Lots of hype leading into the spot ETF launch (which I think is warranted), but don’t think this manifests into outperformance until a couple months later.”
The trader’s chart suggests that ETH/BTC will hit 0.1500 by the end of 2025 or at the start of 2026. According to TradingView, it is currently sitting at 0.053.
Kaleo also warns traders not to panic if Ethereum doesn’t immediately rise after the launch of its ETFs, as Bitcoin experienced weeks of choppiness before breaking out.
“Friendly reminder that we didn’t see up only immediately after the BTC spot ETFs started trading. Price went up leading into it, followed by a couple of weeks moving lower afterward before things really started to rip again.
Point being – if we don’t see green candles across the board next week immediately after the spot ETH ETFs launch – it’s not the end of the world.”
The trader concludes his analysis by saying that BTC looks primed to outpace the stock market.
“BTC: Strong bounce off support for the Bitcoin/SPX ratio. Looks pretty obvious BTC continues to outpace stonks from here.”
At time of writing, Ethereum is trading at $3,363 while BTC is valued at $63,163.
Disclaimer:info@kdj.com
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