The price of Ethereum (ETH) saw an increase yesterday and came close to breaking its 2023 highs today. On the other hand, the price of Bitcoin (BTC) decreased since yesterday and fell below $45,000 today.
Ethereum Pumps on Bitcoin ETF News
The SEC tweeted yesterday that the Bitcoin ETF had been approved, but SEC chair Gary Gensler later clarified that the account was compromised and no decision had been made on the Bitcoin ETF yet. Since the announcement, the price of ETH has increased by 5% while BTC has fallen by 4%.
On-chain data shows that a whale borrowed $11 million worth of BTC and swapped it for ETH. Additionally, there has been over $23 million flowing into ETH in the past 24 hours.
What Do the Analysts Say?
Crypto traders and analysts believe that funds are shifting from Bitcoin to Ethereum. Alex Kruger suggests that the ETH/BTC bottom is likely in based on various factors. Will Clemente tweeted a chart showing a deviation in ETH/BTC below the 2022 lows. Cold Blooded Shiller predicts a switch to an ETH ETF narrative.
Bitcoin Dominance Rate (BTCD) Prediction: Will Altseason Commence?
The BTCD has been trading inside an ascending parallel channel since November 2022. It is currently in the lower portion of the channel, indicating a possible breakdown. The 3-day RSI also gives bearish signs. If BTCD breaks down from the channel, it could fall by 10% to the closest support at 48.50%, potentially triggering a minor altseason.
However, reclaiming the channel’s midline could lead to an 11% increase to the channel’s resistance trend line at 60%.
Hot Take: Ethereum Gains Momentum as Bitcoin Falters
The recent price movements in Ethereum and Bitcoin suggest a shift in the market dynamics. With the approval of a potential Bitcoin ETF still uncertain, Ethereum has seen increased interest from investors, reflected in the rising price and on-chain data. Analysts believe that this trend may continue as funds flow from Bitcoin to Ethereum. Meanwhile, the Bitcoin Dominance Rate (BTCD) shows signs of a possible breakdown, which could result in an altseason. As the crypto market evolves, it will be interesting to see how these dynamics play out and whether Ethereum can maintain its momentum.
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