It’s been a rocky past few days for Bitcoin, Ethereum, and other top cryptocurrencies. From the monthly highs against the dollar, most digital assets are down 10%.
But when measuring the performance of some cryptocurrencies against Bitcoin, some investments are outperforming. Ethereum is a perfect case in point, which has rallied 10% against BTC over the past nine days.
Analysts say this is a precursor is a performance to even greater gains, though there still exists a risk of a medium to a long-term decline in the broader altcoin market, which would likely threaten ETH.
Ethereum Poised to Rally Against Bitcoin, Analysts Say
Luke “Venture Coinist” Martin — a prominent cryptocurrency trader and podcaster — suggested this week that ETHBTC is subject to rally even further in the coming days.
He shared the chart below, which indicates that amid the recent breakout, Ethereum moved above a crucial resistance level that has historically led to 15-20% gains:
“ETH rising through a key level today. The previous breakouts at this level led to another…
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Author: Nick Chong