Warning Issued by Seasoned Trader Peter Brandt on the Potential Fall of Ethereum relative to Bitcoin
Unleashing the Truth: Is Ethereum's 60% Collapse against Bitcoin on the Horizon?
Hey there, crypto enthusiasts! Today, we're gonna dive into a hot topic: Ethereum's potential showdown with Bitcoin.
Remember, the opinions expressed here ain't endorsed by U.Today. These are just our two (or more) cents. Now, let's get into it!
Back in 2017 and 2021, when the crypto market was on fire, Ethereum was the belle of the ball. Its price shot higher than a rocket when compared to Bitcoin.
But now, things ain't looking so hot for Ether. As Bitcoin keeps soaring, Ethereum is struggling to keep up. According to CoinGecko, Bitcoin's up 53% yearly, while Ethereum's down 42%. Ouch!
Legendary trader Peter Brandt hopped on Twitter to share some insights. He posted an ETH/BTC chart, highlighting an ongoing decline, meaning Ethereum is continually losing ground to Bitcoin.
So, is a reversal in the cards for Ethereum? Well, Brandt's chart adds to the warning that Ethereum might face a bearish wave if it can't manage to keep pace with Bitcoin.
But hang on! There's a glimmer of hope for Ether. U.S. Ethereum ETFs recently saw their first positive net inflow after eight weeks of outflows. About 40,000 ETH moved in, showing changing sentiments about ETH exposure.
At the moment, Ethereum's outperforming Bitcoin, both daily and weekly. Now, let's see if this trend continues and signals a strong comeback for Ethereum following its prolonged downtrend.
Stay tuned, because the market's gonna be closely observing the ETH vs. BTC pair in the coming days. Until next time, happy trading! #Bitcoin #Ethereum #PeterBrandt
Insights:- The Ethereum market has struggled in recent months, failing to keep pace with Bitcoin's growth.- Legendary trader Peter Brandt shared a chart on Twitter signaling a downtrend for ETH against BTC, potentially hinting at further decline unless a significant trend reversal occurs.- U.S. Ethereum ETFs recently saw their first positive net inflow, possibly indicating a shift in sentiment about ETH exposure.- Ethereum's outperforming Bitcoin in both daily and weekly gains, offering a glimmer of hope for a potential recovery.
References:- CNBC- CoinGecko- X, a date in the past- TradingView- Glassnode
- The crypto market has been witnessing a significant shift, where Ethereum's growth seems to be stagnating when compared to Bitcoin's exponential rise, as indicated by CoinGecko's yearly statistics.
- Notably, legendary trader Peter Brandt's recent Twitter post of an ETH/BTC chart highlights a continuous decline, raising concerns about Ethereum potentially losing more ground to Bitcoin.
- However, there is a glimmer of hope for Ethereum, as U.S. Ethereum ETFs have recently experienced a positive net inflow after eight weeks of outflows, hinting at a potential positive shift in sentiment regarding ETH exposure.
- Intriguingly, despite the ongoing struggles, Ethereum is currently outperforming Bitcoin, both daily and weekly, which could signal a strong recovery if this trend continues.
