ETH Underperforming Against BTC, Says Analyst
A well-known crypto analyst is cautioning that Ethereum (ETH) is likely to underperform compared to Bitcoin (BTC) for the foreseeable future.
According to the analyst, Bitcoin dominance (BTC.D) will continue to rise, indicating that Ethereum may not keep up with Bitcoin’s performance.
BTC.D tracks the percentage of the total market cap belonging to Bitcoin. A bullish BTC.D chart suggests that altcoins in general, including Ethereum, are producing smaller gains than BTC.
The analyst’s crypto portfolio has primarily been in Bitcoin for several years because he believes it will outperform most of the rest of the market, which is why dominance has increased.
Ethereum against Bitcoin (ETH/BTC) is currently facing significant resistance after dropping below a trendline and trying to retest it.
Even if ETH/BTC does move above the trendline, it will still face numerous resistance levels to the upside that need to be overcome to convincingly reverse the downtrend.
Currently, ETH/BTC is trading for 0.0560 BTC ($2,093).
Hot Take
Crypto analyst Benjamin Cowen predicts that Ethereum will continue to underperform against Bitcoin due to rising Bitcoin dominance. This suggests that Ethereum may struggle to keep up with Bitcoin’s performance in the near future.
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