Bitcoin kicked off the week by hitting a new all-time high above $123,000, but the spotlight is now turning to Ethereum as investor focus begins to rotate.
While BTC’s rally has dominated headlines, ETH surged past $3,000 for the first time since early February, reaching $3,150 and marking a five-month high.
According to Swissblock analysts, Ethereum’s breakout appears to be driven by capital moving out of Bitcoin as traders begin to take profits. Historically, Bitcoin’s bullish waves this year have lasted between two to four weeks, and with the current rally entering its twelfth day, the window for a shift in momentum could be opening.
Technical signals support this rotation. The ETH/BTC ratio recently broke its year-long downtrend, pushing above the 200-day moving average—a key indicator suggesting renewed strength for Ethereum in the medium to long term.
In parallel, one prominent trader known as Merlijn The Trader sees potential for a massive Ethereum rally. Drawing comparisons to Bitcoin’s explosive run between 2018 and 2021, he believes ETH may be on the verge of a similar cycle. If that pattern repeats, ETH could climb as much as 1,100%—targeting a price around $18,200.
Still, as always in crypto, caution is key. While historical patterns and chart signals can offer insight, they don’t guarantee future performance.
Alexander Stefanov
Reporter at Coindoo
Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-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 approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
Source: https://coindoo.com/ethereum-breaks-3000-as-bitcoin-rally-cools-and-capital-shifts/