Ethereum remains the second-largest cryptocurrency
Ethereum continues to dominate the blockchain landscape and is considered the go-to platform for most decentralized applications (dApps). With the largest number of active developers, it is still the major incumbent in the market. However, Ethereum’s recent price performance has been lackluster compared to Bitcoin. While Bitcoin has surged by 162% since the beginning of 2023, Ethereum has only gained 88%.
Source: Trading View
Ethereum’s current uptrend
Despite its slower price growth, Ethereum is currently experiencing an uptrend that began on October 12th. The formation of bullish flag patterns has been consistent during this period. At present, Ethereum is positioned at the top of the latest flag pattern and is looking to break out. The 4-hour Stochastic RSI indicates a potential upward momentum, and if the breakout occurs, Ethereum’s price could see further gains.
Potential bottom for ETH/BTC pair
Turning our attention to the ETH/BTC pair, there are signs of a potential bottom being formed, despite the bearish pattern. If Ethereum manages to avoid falling through the bottom and successfully breaks and consolidates above it, the cryptocurrency could finally contribute to the ongoing crypto bull market.
Source: Trading View
Hot Take: Is Ethereum ready to challenge Bitcoin’s dominance?
While Ethereum continues to hold the second position in the cryptocurrency market, its recent performance raises the question of whether it can catch up to Bitcoin’s meteoric rise. With its strong developer community and growing adoption of dApps, Ethereum still has the potential to make significant gains. However, it remains to be seen whether it can overcome the challenges posed by Bitcoin’s dominance and establish itself as a worthy rival.
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