Crypto Analyst Issues Warning on Ethereum (ETH) – Reveals Implications for Crypto Markets
A notable figure in the cryptocurrency space has suggested potential challenges for Ethereum in outperforming Bitcoin (BTC), despite the increasing excitement surrounding the approval of exchange-traded funds (ETFs) for Ethereum on the spot market.
Rager’s attention is focused on closely monitoring the performance of Ethereum against Bitcoin (ETH/BTC) through chart analysis.
Outside a quick 3 day bounce in early Jan, $ETH hasn't been a great trade against $BTC in a long time
Downtrend continues unless ETH can show strength, the spot ETH delay certainly did not help the case pic.twitter.com/7OoRpCbA6O
— Rager (@Rager) January 26, 2024
Analyzing the situation, Rager pointed out that the ETH/BTC pairing continues to exhibit a prolonged downward trend, with only fleeting signs of recovery earlier this month.
Rager noted, “Aside from a brief three-day uptick in early January, the performance of ETH against BTC hasn’t been favorable for a considerable period. The downward trend persists unless Ethereum demonstrates resilience, a situation not aided by the setback in spot ETF approval.”
In the previous week, the U.S. Securities and Exchange Commission (SEC) decided to postpone its decision on Grayscale’s request to convert its Ethereum Trust (ETHE) into an ETF. Similar action was taken in response to the Nasdaq Stock Market’s application to list and trade BlackRock’s iShares Ethereum Trust.
READ MORE: Bitcoin Recovery: Analyst Indicates Possible Bottom Reached
Despite short-term concerns, Rager maintains a positive long-term outlook for the cryptocurrency markets, envisioning a trajectory where crypto assets achieve higher valuations and enter a phase he describes as relatively stable, moving beyond current market turbulence.
Discussing the potential shift, the analyst highlighted that the focus is likely to move from conventional ‘crypto gaming’ to a realm of high-quality gaming within the cryptocurrency space. The emergence of impactful games is expected to shape this market and industry. It’s advisable to stay prepared, as not all these exceptional games have hit the market yet, but their arrival is imminent in 2024.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
