Ethereum Overtakes Bitcoin in H2 2023: Investor Sentiment Improves
After being overshadowed by Bitcoin in the first half of the year, Ethereum’s price performance has surged in H2 2023, surpassing Bitcoin. This improvement can be attributed to a positive change in investor sentiment, as indicated by a vital on-chain indicator.
Key Points:
- In H1 2023, Ethereum’s price grew by 58%, reaching $1,900 from $1,200.
- Bitcoin outperformed Ethereum and other risk-on assets with an 83% gain in the same period.
- However, in H2 2023, Ethereum’s price is currently down by 13-15% compared to Bitcoin.
- Bitcoin Dominance (BTC.D) has declined from 52% to 49.28% as investors focus on altcoins.
- Ethereum’s status as the flagship altcoin positions it for further outpacing Bitcoin in H2.
Investor View: Ethereum on the Verge of Recovery
Despite a recent market crash, Ethereum is poised for a potential recovery. The Relative Strength Index (RSI) data shows that Ethereum’s RSI has crossed above the critical 30 mark, indicating growing bullish momentum.
Key Points:
- Ethereum’s oversold status suggests a possible bullish reversal in the near future.
- Bitcoin losing ground to altcoins strengthens Ethereum’s position for further outperformance.
- Ethereum’s resilience and the support of its investor base can help withstand market uncertainty.
ETH Price Prediction: Consolidation and Resistance
With Ethereum gaining traction among investors in H2, its price is expected to exhibit resilience. The In/Out of Money Around Price data highlights the presence of significant support from ETH holders who bought around the average price of $1,580.
Key Points:
- If Ethereum’s price drops below $1,500, it could experience further downward pressure.
- On the other hand, if the price rebounds above the $2,000 range, the bulls could regain control.
- The potential overtaking of Bitcoin by Ethereum could prompt a quick rise to $2,000.
Hot Take: Ethereum’s improved price performance and growing investor sentiment position it as a strong contender to outpace Bitcoin in the coming months. With its resilience and potential for recovery, Ethereum has the potential to lead the altcoin market.
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