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Cryptocurrency fans are always on the lookout for signs that their favorite coins will go up in value. A top trader from Binance, Tree of Alpha, has a hunch about Ethereum. He believes Ethereum will start to rally when we receive good news about ETFs (Exchange Traded Funds) for crypto.
ETFs are baskets of investments that people can buy and sell on regular money markets. When they include cryptocurrency, it can mean more people investing in coins like Ethereum, which could push the price upwards. Tree of Alpha says to wait for clear signs that talks are going well between big money companies like BlackRock and the SEC in the U.S. before expecting Ethereum to rise.
ETHBTC strength likely starts the second we get some real headway on ETFs (could even be at the start of blackrock-SEC dialogue) and not a second before.
Save your ammo until then and blacklist that ticker.
— Tree (@Tree_of_Alpha) March 20, 2024
Now, let’s break down what’s happening with Ethereum compared to Bitcoin. Looking at the chart, we see Ethereum is not doing as well as Bitcoin right now. The most recent breakdown from $4,000 practically nulified almost half of what Ether has gained in the last few months.
On the regular Ethereum chart, which just shows Ethereum’s value in dollars, we can spot both positive and negative factors. The good part is that for a while, Ethereum has stood in an uptrend. But recently, the situation has changed. This is evidenced by Ethereum’s price falling below the moving averages.
Keeping track of Ethereum’s position in relation to these moving averages can be a strategic move. A sustained rise above could indicate a bullish trend reversal and the return of momentum to the market. However, there is not much inflow yet.
Ethereum has not shown its full potential in the first part of this bullish cycle. However, the correction we are seeing right now might become a great entry point for those who have not yet gained exposure to the second-biggest asset on the market.
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