As a seasoned crypto investor with a keen interest in Ethereum (ETH), I can’t help but feel a renewed sense of optimism regarding its potential performance against Bitcoin (BTC). The recent closure of the ETH/BTC pair above the two-day Ichimoku cloud for the first time in over two years is an encouraging sign, as it suggests that Ethereum may have finally bottomed after a prolonged period of underperformance.
Ethereum (ETH) might finally be ready (BTC) to gain some ground against Bitcoin.
I’ve observed a significant development in the Ethereum-Bitcoin market as per the analysis of experienced trader Josh Olszewicz. The ETH/BTC pair has achieved a milestone by closing above the two-day Ichimoku cloud for the first time in approximately 525 days.
Based on his assessment, it appears that the pair may have reached its lowest point following almost two years of poor performance.
The flagship altcoin is currently changing hands at 0.055 BTC on the Binance exchange.
In January, the ETH/BTC ratio reached a high of 0.061 Bitcoins. But then it underwent a significant drop, falling to 0.044 Bitcoons in May. However, Ethereum saw a remarkable surge of up to 28% against Bitcoin in the same month due to the unexpected approval of various Ethereum ETF applications by the US Securities and Exchange Commission.
According to SEC Chair Gary Gensler, the approval process is progressing smoothly now, indicating that these products may begin trading soon.
As a researcher, I came across an intriguing piece of news earlier today from Reuters. They reported that Ethereum Exchange-Traded Funds (ETFs) could potentially begin trading by July 4. Based on their unnamed sources, the negotiations between prospective ETF issuers and the regulatory body have progressed to the last leg. Only minor hurdles remain to be addressed.
As an analyst, I acknowledge that the upcoming launch of Ethereum Exchange-Traded Funds (ETFs) could potentially fuel a bullish trend for this cryptocurrency. However, it is important to remember that the magnitude of inflows into these funds remains uncertain and could impact the market to varying degrees. Morningstar’s Bryan Armour has pointed out that Ethereum ETFs may not garner the same level of enthusiasm as their Bitcoin counterparts due to several factors, such as regulatory challenges or differing investor interest.
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2024-06-27 09:49