A closely watched cryptocurrency analyst has warned that Ethereum will likely continue to underperform Bitcoin (BTC), despite growing hype surrounding the possible approval of a spot market ETH exchange traded fund (ETF).
Anonymous analyst Rager told his 199,400 followers on social media platform X that he is closely monitoring the Ethereum vs. Bitcoin (ETH/BTC) chart.
According to the analyst, ETH/BTC is still in a long-term downtrend after starting to show signs of life earlier this month.
“Aside from a quick three-day rally in early January, ETH has not been trading well against BTC for a long time.
Unless ETH shows strength, the downtrend will continue, but the spot ETF delay certainly didn't help this case. ”
Last week, the U.S. Securities and Exchange Commission (SEC) postponed a decision on whether to approve or deny Grayscale's request to convert its Ethereum Trust (ETHE) product into an ETF. Regulators took similar action in response to the Nasdaq Stock Market's request to list and trade BlackRock's iShares Ethereum Trust.
Reger is also long-term bullish on the crypto market. He believes that crypto assets will eventually enter an “easy mode” that will print higher prices and leave the market behind the volatile phase.
Analyst too name He believes that the crypto sector is one that presents a huge opportunity for the market going forward.
“Attention is shifting from just “crypto games” to high-quality crypto games.
There are some high-quality games coming out that will have the biggest impact on this market and industry.
Get ready…and here's a tip. All high-quality games have not been released yet, but will be released in 2024. ”
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