Ethereum

2024

Bitcoin

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<ul>
 <li>Investors at large were accumulating ETH while its price remained low.</li>
 <li style="font-weight: 400;">Though confidence was high, market indicators remained bearish on ETH.&nbsp;</li>
</ul>
As we bid adieu to 2023, <a href="https://ambcrypto.com/search/ethereum" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Ethereum [ETH]</a>, the king of altcoins, made remarkable moves in a bid to outshine the king of cryptos, <a href="https://ambcrypto.com/search/bitcoin" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Bitcoin [BTC]</a>. 
A recent development signified increased confidence among investors in ETH at a time when Bitcoin awaits a major event. Does this mean that Ethereum will earn investors profits in 2024?
<h4>Long-term holders are confident in Ethereum</h4>
As per the latest tweet from IntoTheBlock, Ethereum recently flipped Bitcoin in a key metric. To be precise, Ethereum’s total number of long-term holders [LTHs] surpassed that of Bitcoin for the second time ever. 
This reflected investors’ faith in ETH, showing that they expected the altcoin to surge in the coming year.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 2023 Review! This year, the percent of long-term <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">$ETH</a> holders surpassed that of Bitcoin for the second time ever! <a href="https://t.co/i6kDzAjzgM" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/i6kDzAjzgM</a>
 — IntoTheBlock (@intotheblock) <a href="https://twitter.com/intotheblock/status/1741188714963882035?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">December 30, 2023</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
It was interesting to note that while ETH overtook Bitcoin in terms of LTHs, the average holding time of Bitcoin was around four years, while <a href="https://ambcrypto.com/search/cardano" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Cardano’s [ADA]</a> was less than a year, as <a href="https://ambcrypto.com/bitcoin-vs-cardano-unveiling-long-term-holder-trends/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">reported</a> earlier by AMBCrypto. 
To see whether long-term holders’ mindsets affected retail investors’ behavior, AMBCrypto checked Santiment’s data. 
Our analysis found that the market at large was showing faith in ETH as it continued to stockpile. <a href="https://ambcrypto.com/ethereums-price-teeters-what-about-its-bullish-prediction/" data-wpel-link="internal" rel="noopener noreferrer nofollow">ETH</a>’s Supply on Exchanges witnessed a drop in the recent past, while its Supply outside of Exchanges rose consistently. 
The fact that investors were buying ETH was further proven by AMBCrypto’s analysis of CryptoQuant’s <a href="https://cryptoquant.com/asset/eth/summary" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">data,</a> as ETH’s exchange reserve was decreasing at press time.
<div id="attachment_361412" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Ethereum-ETH-10.43.45-31-Dec-2023.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-361412" decoding="async" class="wp-image-361412 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Ethereum-ETH-10.43.45-31-Dec-2023.png" alt="" width="3840" height="1300" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Ethereum-ETH-10.43.45-31-Dec-2023.png 2560w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Ethereum-ETH-10.43.45-31-Dec-2023-300x102.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Ethereum-ETH-10.43.45-31-Dec-2023-1024x347.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Ethereum-ETH-10.43.45-31-Dec-2023-768x260.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Ethereum-ETH-10.43.45-31-Dec-2023-1536x520.png 1536w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Ethereum-ETH-10.43.45-31-Dec-2023-2048x693.png 2048w" sizes="(max-width: 3840px) 100vw, 3840px"></a>
 Source: Santiment
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Whale activity around Ethereum also remained high throughout the last month, as evident from the rise in its whale transaction count. In fact, whales were shown to be buying Ethereum, as the altcoin’s supply held by top addresses shot up. 
Things on the derivatives side also looked optimistic, as its Taker Buy Sell Ratio was green. This meant that buying sentiment was dominant in the Futures market. 
The coin’s Funding Rate also remained high, meaning that the derivatives investors were actively buying ETH at press time.
<div id="attachment_361413" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/CryptoQuant-ETH.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-361413" decoding="async" class="wp-image-361413 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/CryptoQuant-ETH.png" alt="" width="1317" height="402" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/CryptoQuant-ETH.png 1317w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/CryptoQuant-ETH-300x92.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/CryptoQuant-ETH-1024x313.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/CryptoQuant-ETH-768x234.png 768w" sizes="(max-width: 1317px) 100vw, 1317px"></a>
 Source: CryptoQuant
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<h4>2024 to be bullish for Ethereum?</h4>
However, despite investors’ attempts to stockpile ETH, the token’s price action turned bearish during the concluding days of 2023. According to <a href="https://coinmarketcap.com/currencies/ethereum/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">CoinMarketCap</a>, ETH was down by nearly 1% in the last 24 hours. 
At the time of writing, ETH was trading at $2,283.21 with a market capitalization of over $274 billion.
Read <a href="https://ambcrypto.com/predictions/ethereum-price-prediction" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Ethereum’s [ETH] Price Prediction</a> 2023-24
To see whether Ethereum would begin 2024 with a bull rally, AMBCrypto took a look at its daily chart. Our analysis found that investor confidence in <a href="https://ambcrypto.com/vitalik-buterin-says-he-wants-to-make-ethereum-cypherpunk-again/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">ETH</a> might take time to reflect on its price, as the MACD displayed a bearish crossover at press time. 
Its Relative Strength Index (RSI) also moved downward, suggesting a slight price drop in the near term.
<div id="attachment_361414" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/ETHUSD_2023-12-31_10-52-28.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-361414" decoding="async" class="wp-image-361414 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/ETHUSD_2023-12-31_10-52-28.png" alt="" width="1815" height="792" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/ETHUSD_2023-12-31_10-52-28.png 1815w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/ETHUSD_2023-12-31_10-52-28-300x131.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/ETHUSD_2023-12-31_10-52-28-1024x447.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/ETHUSD_2023-12-31_10-52-28-768x335.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/ETHUSD_2023-12-31_10-52-28-1536x670.png 1536w" sizes="(max-width: 1815px) 100vw, 1815px"></a>
 Source: TradingView
</div>

Will Ethereum outshine Bitcoin in 2024?

AMBCrypto

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