The interest of the cryptocurrency market is slowly moving from Bitcoin (BTC) to the ether (ETH), but most investors are unlikely to notice it because of the fears of deterioration of the economic situation on the market.
“Markets are not completely focused with bitcoin; in fact it changes towards Ethereum” he said My commercial founder, Michaël van de poppe in the market update on Wednesday.
Van de Poppe quoted the last documents of the popular Bitcoin Onchain Woo analyst, who argued that the cryptographic market was entering the “ethereum” state.
Cryptographic investors got stuck in the “markets are bad” way of thinking
“I like this statement,” said Van de Poppe, agreeing to it. He said, however, that the first stages of this change probably become unnoticed, because “everyone still got stuck in the fact that the markets are bad.”
“The first of this sign is that we now see that Ethereum returns are better.”
“The reason for the fact that we see a change of Ethereum or the Ethereum market is that macroeconomic tables change when the dollar becomes weaker and the business cycle begins to grow,” he said.
At the time of publication, Ether has increased by 71% from the time of reaching the April year to wearing 1,472 USD, According to For Coinmarketcap data.
However, it still fell by 48% compared to the highest level in November 2021 of USD 4,878. Van de Poppe said:
“In recent months we are finally becoming a better shape, but everyone has still got stuck in PTSD bears.”
The ETH/BTC coefficient has increased by 0.33% in the last 30 days, but has still dropped by 32.32% in the last six months, at 0.024, According to For TradingView data. Cryptographic analyst “Crypto Fella” he said Their 82 100 x followers are “the most important chart you should look at.”
“We need to see some strength before we see a great reversal,” said Crypto Fella.
Meanwhile, the TED cryptographic analyst said that the ether observes the Bitcoin pattern during the 2017-2021 cycle.
“The real parabolic movement will start when ETH breaks $ 4,000”, Ted he said.
Spot Ether ETFS showing a promising rush
However, the recent results of the Ether Traded Fund (ETF) fund were more promising.
ETF at Ether Ether based in the USA recently noted its longest influx in history after 19 consecutive days, with a influx of $ 1.37 billion, According to To distant data, representing about 35% of the total inflows from their premiere of July 2024.
However, other indicators suggest that it is still very dominated by Bitcoin. Altcoin coinmarketcap season Index -What measures, whether altcoins outweigh bitcoins based on 90-day results-now signals that this is a very “Bitcoin season”, with a result of 23 out of 100.
The last were signs of potential reversal on May 10, when the index reached 43 after 42% reflection of Ether from USD 1,811 on 7 to USD 2,582 USD 10.
The Altcoin season depends on the fact that the ether is better and shows strength
Van de Poppe said that Ether must provide stronger and more hard-wearing results in the long -awaited Altcoin season to return.
“If we want to have a season for which we all want, well, we want to get out of our position in Breakeven, and maybe even earn money, we need Ethereum to do better, we need Ethereum to show strength,” said Van de Poppe.
“Markets become much more complex,” he added.
Related: STOPED EThereum hits a height of 35 m when the liquid supply decreases
Cointelegraph announced on Friday that Ether Futures Premium briefly became Bearish, because the ETH price dropped by 15% to USD 2440, extending $ 277 million in long positions within two days.
However, the Futures bonus has regained a neutral 5% threshold until Sunday, which suggests that traders regain confidence in the level of support in the amount of USD 2,400.
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This article does not contain investment advice or recommendations. Each investment and commercial movement involves risk, and readers should conduct their own research when making decisions.
