Despite Ethereum’s slow progress, ETH outperforms BTC.
ETH just completed a bullish MACD cross on the 2-week chart, the first since Jan 2023.
ETH CME Futures climbed to $3.27 billion.
With the price of Bitcoin BTC having just set a new ATH of $112,000 on Binance, expectations for an even greater BTC ATH to arrive next grow stronger. Specifically, analysts expect BTC to hit $135,000 ATH target next. Meanwhile, analysts notice that ETH outperforms BTC just as Ethereum completes a bullish MACD cross, and ETH CME Futures climbed to $3.27 billion.
ETH Outperforms BTC as ETH CME Futures Climb to $3.27 Billion
Unlike Bitcoin (BTC), the pioneer crypto asset, which has gone on to set a string of new ATH prices since 2024, the price of Ethereum (ETH), the pioneer altcoin asset, has yet to make a single new ATH this bull cycle. The reason for this has been attributed to the fact that Bitcoin had a very early pump this bull cycle, so much so that it set a new ATH even before the Bitcoin Halving event took place.
Thus, the crypto market went into a quarter-long prolonged correction phase, which finally set up a healthy crypto market where the price of ETH bottomed at $1,700 before pumping up to $2,700 and igniting altseason sentiments. However, this is still a long way away from ETH’s previous ATH target set in the $4,800 price range, meaning that the asset still has a long way to go before setting new cycle top highs.
https://twitter.com/TedPillows/status/1942982210761507225
Despite Ethereum’s slow performance, the analyst in the post above goes on to state that Ethereum (ETH) is outperforming Bitcoin (BTC). The analyst then goes on to say that smart money is excessively buying, and the Ethereum fractal looks like the BTC 2020-2021 cycle. The analyst even shares two charts comparing the previous bull cycle with the ongoing bull cycle, marking a repetitive pattern and concluding that a big bullish move will occur for the price of ETH in the coming months ahead.
Multiple Bullish Signs for ETH Price
https://twitter.com/glassnode/status/1942923439100293332
Another bullish sign from Ethereum is the fact that the pioneer altcoin asset just completed a bullish golden cross pattern, hinting at a bullish price surge soon. Similarly, as the post above depicts, ETH CME Futures open interest (7D SMA) has climbed to $3.27 billion. The analyst concludes that this marks a clear uptick in institutional positioning, with demand rising in tandem with price.
https://twitter.com/_Crypflow_/status/1943079415249866767
Finally, another bullish sign follows as shown in the post above. The analyst says that ETH’s 2-week bullish MACD cross is completed. This means that for the first time since Jan 2023, ETH has a bullish MACD cross on the 2-week chart below the 0 level. At the same time, ETH is pushing against the trendline that has been forming since the cycle bottom in 2022. Once ETH reclaims this trendline, all altcoin prices will begin to soar.
