Ethereum shows more strength than Bitcoin.
ETH price also continues to outperform BTC in Q3.
Analysts are certain that altseason could begin soon.
As the crypto market forges into the thick of Q3, analysts notice how Ethereum shows more strength than Bitcoin as the pioneer altcoin asset ETH, continues to outperform BTC in Q3. This has led some analysts to believe that, excluding Bitcoin, all other crypto assets seem to be aiming at claiming higher prices soon. However, it may seem to be hard to break past as the market shows small signs of struggle.
Ethereum Shows More Strength Than Bitcoin
Over the past few weeks, the price of Bitcoin has gone from trying to reclaim the $120,000 price range to falling to the $113,000 price range. In detail, the price of BTC dipped from $119,000 to $115,000 due to a mass 80,000 BTC sell-off from Galaxy Digital. After the sell-off concluded, the price of BTC came back to $118,000, igniting sentiments for higher targets above $120,000 once again.
Instead, disappointment from the Fed refusing to announce a rate cut for the month of August led to a further fall in financial markets, taking the price of ETH from $118,000 to $113,000, where BTC is presently trading. Meanwhile, during these dips, the price of ETH showed a lot more strength compared to BTC. For instance, ETH’s recovery from these dips has been much stronger.
In detail, the price of ETH fell alongside BTC at both times. The first was when ETH fell from $3,800 to $3,600 during Galaxy Digital’s sell-off. Soon after ETH not only rallied, but went on to break past the $3,900 price range, igniting expectations for $4,000 ETH price next. Instead. The second dip took the price of ETH down once again, this time to the $3,400 price range. Presently, ETH is trading at $3,600 once again, showing more strength than BTC.
https://twitter.com/IncomeSharks/status/1952797217879933272
These price moves have led one analyst to believe that the rest of the crypto market wants higher prices for themselves, excluding Bitcoin (BTC). However, he adds that while most altcoins have been showing strong signs of breaking past old ATH records and preparing to surge higher to hit new ATH targets, they’ve been having a hard time breaking out of these price regions so far.
ETH Conitnues to Outperform BTC in Q3
https://twitter.com/TedPillows/status/1952772839804944835
As we can see from the post above, ETH is continuing to outperform BTC in Q3, just like it did in Q2. Yet, it still has to reclaim its previous ATH, let alone set a new one. One analyst reminds the community that with ETH showing more strength than BTC, buyers have begun to step in at support levels, and dips are being bought up quickly. He concludes that the $4,000 ETH price target is just a matter of time.
