Originally published on: December 05, 2024
The recent underperformance of Ether against Bitcoin may be coming to an end, according to crypto analysts who anticipate Ether’s climb towards the $4,000 milestone. Into The Cryptoverse founder Benjamin Cowen believes that the collapse of the ETH/BTC ratio is over or nearing its end, signaling a potential upward trend for Ether in the next 6-12 months.
Historically, when the ETH/BTC ratio hits a possible low, traders often speculate on Ether’s surge. Cowen previously predicted a worst-case scenario of 0.03 for the ratio, which recently touched 0.03187. Currently, the ETH/BTC ratio stands at 0.03811 as Bitcoin surpasses the $100,000 mark, with the pair hitting an all-time low of 0.00217 in December 2015.
With a 9.14% increase in the past 30 days, the ETH/BTC ratio is showing signs of improvement, as Ether continues its upward trajectory. At the time of writing, Ether was trading at $3,846, with a 5.5% gain in the past 24 hours, inching closer to the $3,900 mark. In comparison, Bitcoin also recorded a 5.5% gain, reaching $101,345.
Pseudonymous trader DCInvestor highlighted Ether’s dominance and potential, suggesting that ETH is on the brink of showcasing its strength once again. Bitwise Invest CEO Hunter Horsley also expressed confidence in Ether’s growth, stating that the ecosystem has a strong position in the market.
As Ether approaches the $4,000 level, traders like MisterSpread foresee a potential short squeeze leading to a further 25% increase in Ether’s price. The sentiment around Ether remains bullish, with expectations of a significant rally once it crosses the $4,000 threshold.
Galaxy Digital’s Alex Thorn emphasized Ethereum’s solid position in the blockchain ecosystem, noting its decentralized nature and maturity. Thorn believes that Ethereum’s dominance in the decentralized applications space is unrivaled, positioning it as a leader in the industry.
While this article does not offer investment advice, the crypto community remains optimistic about Ether’s future potential. As Ether continues its upward momentum, traders and investors are closely monitoring its progress towards the $4,000 milestone. Stay informed with the latest market insights and investment opportunities by subscribing to our newsletter.