Ethereum May Outperform Bitcoin (BTC): Analyst Shares The Possible Price Surge For ETH

As Bitcoin (BTC) trades near its recently achieved all-time high, traders and analysts are shifting their focus to altcoins, particularly Ethereum (ETH), which may be primed for a strong performance in the short term. According to well-known trader CrediBULL Crypto, ETH could be on the verge of a 10% move to the upside, outperforming BTC as the market leader consolidates its gains.

ETH/BTC Pair Forming Local Bottom

CrediBULL Crypto’s analysis suggests that the ETH/BTC trading pair is forming a local bottom, setting the stage for a potential rally. The trader’s thesis had been that BTC would outperform altcoins until reaching new all-time highs. Now that this milestone has been achieved, CrediBULL Crypto believes it’s time to start gradually shifting focus to altcoins, with ETH being a prime candidate.

To capitalize on this potential opportunity, the trader is adjusting their portfolio, shifting their primary swing long position on BTC to an equal-sized position in ETH.

This move reflects the growing confidence in Ethereum’s short-term prospects and its potential to outperform Bitcoin in the current market environment.

Successful Retest of Support Signals Trend Continuation

Renowned analyst Rekt Capital has also observed a bullish development for Ethereum, noting that the cryptocurrency has successfully retested a key support area (depicted in orange on their chart) and has since “springboarded” into trend continuation.

A successful retest of support often indicates that buyers are stepping in to defend a crucial price level, increasing the likelihood of a continued uptrend. With ETH now trading above this key support area, the path may be cleared for further upside momentum.

Explosion in Meme Coin Market; How to find potential successors to $WIF, $PEPE, and $BONK?🤫

The key? Getting in early, especially during the ICO phase. Check out NuggetRush today! This new memecoin combines play-to-earn gaming with authentic gold mining ventures. Seize the opportunity with ongoing presale prices! Plus, prepare for $NUGX’s upcoming launch on major exchanges.

Show more +

altFINS Technical Analysis: Bullish Breakout and Upside Potential

Technical analysis platform altFINS has issued a bullish outlook for Ethereum, identifying a resistance breakout pattern that has reached the breakout stage.

The platform highlights a bullish break above $3,600, which signals a continuation of the prevailing uptrend, with near-term upside potential targeting $4,000 and mid-term prospects pointing to a retest of ETH’s all-time high near $5,000.

Source: altFINS – Start using it today

However, altFINS also cautions that ETH’s Relative Strength Index (RSI) is currently at 86, indicating that the cryptocurrency is very overbought in the short term. This could lead to a temporary pause in the uptrend or some profit-taking. The platform suggests using such pullbacks as potential entry points for swing trades within the broader uptrend.

One of the key factors contributing to the bullish sentiment surrounding Ethereum is the anticipated launch of an Ethereum Spot ETF in May 2024. This development is expected to drive increased institutional interest and investment in ETH, potentially benefiting not only Ethereum but also related altcoins within its ecosystem.

You may also be interested in:

Check NuggetRush ($NUGX)

Sponsored: Invest Responsibly, Do Your Own Research.
Being in its ICO stage, NuggetRush offers a prime opportunity for early investors to get in at potentially lower prices
A unique play-to-earn gaming platform in the memecoin market
The platform combines artisanal and gold mining with cryptocurrencies in an unusual gaming context, offering a distinctive and immersive experience
Fosters a strong community by encouraging physical meetups among members
NFT Integration with Prominent Characters
intelligent crypto
How are  regular people making returns of as much as 70% in a year with no risk?  By properly setting up a FREE Pionex grid bot - click the button to learn more.
Crypto arbitrage still works like a charm, if you do it right! Check out Alphador, leading crypto arbitrage bot to learn the best way of doing it.


Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency