Reasons Why Ethereum Bulls Might Drive the Market
Ethereum (ETH) has been showing resistance against lower lows, especially when compared to Bitcoin (BTC). According to decentralized finance (DeFi) researcher DefiIgnas, ETH could potentially surpass BTC as the best-performing asset. One reason for this optimism is the increasing interest in the discounted Grayscale Ethereum Trust (GETH), which has been outperforming ETH spot prices. GETH has surged by 298% in recent months, indirectly leading to higher demand for ETH. Additionally, the approval of the first spot Bitcoin ETF is expected to shift attention and speculation towards approving the first spot Ethereum ETF. The upcoming Cancun upgrade in H1 2024 is also likely to support Ethereum prices by enhancing the main net’s capabilities and reducing gas fees.
ETH’s Firm Position with Resistance at November Highs
The current candlestick arrangement in the daily chart shows that ETH is holding firm against BTC. The future price movement remains uncertain, but if there is confirmation of the gains made on December 7, ETH could continue to rise. In that case, it may break above the current consolidation and aim to surpass November 2023 highs of around 0.058 BTC.
Hot Take: Ethereum Poised for a Bull Run
Ethereum’s recent performance and various indicators suggest that it may be on the verge of a bull run. With increasing investor interest in GETH and potential approval of a spot Ethereum ETF, coupled with the upcoming Cancun upgrade, Ethereum has strong fundamentals to support its growth. If these factors align, we could see ETH outperforming BTC and becoming the best-performing asset in the market.
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