Ethereum Underperforming Bitcoin, Analyst Warns
A popular crypto analyst predicts that Ethereum (ETH) will continue to lag behind Bitcoin (BTC) in terms of performance, despite the hype surrounding the potential approval of ETH exchange-traded funds (ETFs) in the spot market.
The analyst, known as Rager, shares on social media that he is closely monitoring the ETH/BTC chart. According to Rager, ETH/BTC is still in a long-term downtrend, even though it showed signs of life earlier this month. Rager believes that unless Ethereum demonstrates strength, the downtrend will persist and the delay in approving spot ETFs has not helped its case.
SEC Postpones Decision on Ethereum Trust ETFs
Last week, the U.S. Securities and Exchange Commission (SEC) postponed its decision regarding Grayscale’s request to convert its Ethereum Trust (ETHE) product into an ETF. The SEC also took similar action on Nasdaq’s request to list and trade BlackRock’s iShares Ethereum Trust.
Bullish Outlook on Crypto Markets
Rager maintains a long-term bullish view on the crypto markets. He believes that cryptocurrency assets will eventually reach higher prices and enter a phase of “easy mode,” leaving behind their choppy phase.
Crypto Gaming Sector to Drive Market Impact
Rager also points out a specific crypto sector that he believes will have a significant impact on the markets in the future. He suggests that attention will shift from “crypto gaming” to quality gaming within the crypto industry. Rager anticipates that a few high-quality games yet to be released will make a substantial impact in this market by 2024.
Hot Take: Ethereum’s Struggle Against Bitcoin Continues
Despite the growing anticipation of ETH exchange-traded funds, Ethereum continues to face challenges in outperforming Bitcoin. The long-term downtrend of ETH/BTC remains intact, with Ethereum needing to demonstrate strength to reverse this trend. The recent delay in approving spot ETFs has not helped Ethereum’s case. However, there is optimism for the broader crypto market, with Rager believing that crypto assets will eventually experience higher prices and enter a phase of stability. Additionally, Rager highlights the potential impact of quality gaming in the crypto industry, suggesting that it will be a driving force for market growth in the coming years.
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