Ethereum

Rally

United

Ether (ETH) has experienced a significant surge of over 20% against Bitcoin (BTC) within a 72-hour period, capturing the attention of traders who anticipate further gains. The rally comes as BlackRock’s CEO, Larry Fink, acknowledges the value of Ethereum’s ETF, contributing to the cryptocurrency’s sharp rise in both USD and BTC valuations. 
ETH/BTC data reveals a climb from yearly lows of 0.0478 on January 9 to 0.0587 recently. Notably, ETH/USD is breaking out, reaching levels not seen since mid-2022. Traders are particularly intrigued by a bullish divergence on the weekly MACD indicator against Bitcoin. 
This surge positions Ethereum alongside several other large-cap tokens outperforming Bitcoin this week, despite Bitcoin achieving its highest levels since the December 2021 post-ETF announcement in the United States. 
The potential debut of an Ethereum ETF in the U.S. later in the year is generating positive momentum, with BlackRock’s Larry Fink expressing interest in a similar move for Ether shortly after the launch of the Bitcoin ETF. Scott Melker, known as “The Wolf Of All Streets,” emphasized the apparent rotation from Bitcoin to Ethereum in response to Fink’s endorsement. 
Looking ahead, Michaël van de Poppe, founder and CEO of trading firm MNTrading, anticipates Ether’s continued advance against Bitcoin, attributing it to the broader cryptocurrency market’s dynamics. Van de Poppe suggests that Bitcoin dominance seems to have peaked, with Ethereum gaining momentum. He speculates that this could mark the high point of dominance in the current cycle, as the altcoin bull market gains traction. 
In the context of ETF developments, analysts foresee a potential Bitcoin supply squeeze as institutions seek long-term exposure to BTC, adding an extra layer to the evolving market dynamics. As attention shifts away from BTC/USD in the short term, anticipation is building for developments post the upcoming block subsidy halving in April, recognized as a potential price catalyst in the crypto space.

Ethereum’s 20% Rally vs. Bitcoin Fueled by BlackRock CEO’s Positive Outlook on ETH ETF

CoinstelegramEng

Otros artículos publicados el 14 ene 2024

BlackRock’s substantial Bitcoin acquisitions raise supply crunch concerns

10 Top Crypto Projects to Watch for in 2024

Crypto Headlines Of The Week: Spot Bitcoin ETF Kickstarts As BlackRock & Ark 21Shares, Among Othe...

Bitcoin takes center stage as ETF approved; AI altcoin targets in $3m presale

Cathie Wood Slams Vanguard: ‘Terrible’ Move For Excluding Bitcoin ETFs

Hedera Network commits over $400 million in HBAR

¡Únete a nuestro boletín gratuito para recibir actualizaciones diarias de criptografía!