Ethereum (ETH) continues to impress with its price performance against Bitcoin (BTC) and has now reached a significant milestone. This development is expected to potentially trigger a surge in altcoin activity. Ethereum has outperformed BTC since mid-May, thanks to rumors surrounding the approval of spot Ethereum ETFs in the United States.
Ethereum Comments
Following the announcement of the approval for the Ethereum Spot ETF, there was a noticeable surge in Ethereum’s price. Today, the ETH/BTC pair stands at 0.056, which is seen as a substantial increase for Ethereum. Stay updated with the latest technology news on NEWSLINKER.
On the other hand, Bitcoin’s price has already found strong support at $67,000, but there are discussions about a potential drop to $65,000 in the market. Meanwhile, Ethereum continues to trade near the $3,800 level due to increased market activity.
When analyzing the period after May 15, it is evident that ETH has experienced a 30% increase compared to BTC’s 9% rise. This price performance has also resulted in the ETH/BTC ratio reaching $0.05854, the highest level in two weeks on May 23, indicating a 31% increase.
In an analysis shared on X, analyst Moustache pointed out the reemergence of the support trend line in the ETH/BTC ratio, which has been visited multiple times over the years. Historical analysis shows that ETH prices have risen from this line, leading to increases in altcoin prices.
ETF and Ethereum’s Future
The ETH/BTC ratio provides insights into how Ethereum performs in relation to Bitcoin. Leading market analysts closely monitor this ratio as it compares the top two cryptocurrencies in the market.
Despite Bitcoin’s strong performance in the past two years, the monthly chart of the ETH/BTC ratio continues to move within a downward channel, indicating an upward trend for Ethereum.
Renowned market analyst Michaël van de Poppe made significant statements, highlighting the upward trend in the relative strength index (RSI) of the ETH/BTC weekly chart analysis, suggesting a trend reversal. He also noted that if the ratio remains above 0.051, the upward trend will continue.
On the other hand, data provided by Santiment reveals an increase in network activity on the Ethereum platform. According to CryptoQuant’s data, the number of unique smart contracts on Ethereum increased from 37,870 on May 20 to 38,066 on May 31, indicating growing interest.
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Disclaimer: The information in this article should not be considered as investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry risks, and they should conduct their own research.
