Ethereum has been moving in the right direction over recent weeks. However, when will the number 2 cryptocurrency start gaining some ground on bitcoin?
Ethereum is still the big number two
Ethereum is still the network of the future where the majority of dApps will be built upon. Or at least it is the major incumbent right now, and other layer 1 blockchains would have to do much in order to gain ground on the network with the largest number of active developers.
That being said, $ETH’s rise over the beginning of this crypto bull market hasn’t been exactly meteoric. In fact, $ETH’s 88% price gain since the beginning of 2023 does not compare at all well to $BTC’s 162% over the same period.
Source: Trading View
An $ETH uptrend
As things stand, $ETH is actually in a decent uptrend, the start of which can be followed back to 12 October. Price surges that resulted in bull flags have been the norm since that time.
Right now, $ETH is at the top of the latest bull flag, looking to break out. The 4-hour Stochastic RSI is at the top, but the RSIs as far as the daily still have room to run, and can bring the needed momentum into $ETH if or when the break occurs.
Is the ETH/BTC bottom in?
Source: Trading View
Going back to the ETH/BTC pair, a potential bottom looks to have been found. The pattern is admittedly a bearish one. However, if $ETH can avoid falling through the bottom, and can break and consolidate above, $ETH can finally start to play its part in this crypto bull market.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Source: https://cryptodaily.co.uk/2023/12/ethereum-readying-to-move-higher