Analyst Warns of Ethereum's (ETH) Impact on Crypto Markets
Despite the increasing excitement over the potential approval of spot market ETH exchange-traded funds (ETFs), a well-regarded crypto analyst cautions that Ethereum is expected to lag behind Bitcoin (BTC) in terms of performance.
Pseudonymous analyst Rager is closely monitoring the Ethereum versus Bitcoin (ETH/BTC) chart and has shared this information with his 199,400 followers on the social media platform X.
Despite showing signs of recovery earlier this month, the analyst believes that the ETH/BTC pair is still experiencing a long-term downtrend.
“Outside a quick three-day bounce in early January, ETH hasn’t been a great trade against BTC in a long time.
The downtrend continues unless ETH can show strength, the spot ETF delay certainly did not help the case.”
In recent news, the U.S. Securities and Exchange Commission (SEC) has decided to postpone its verdict on Grayscale's appeal to convert its Ethereum Trust (ETHE) into an ETF. Similarly, the SEC has taken a similar approach regarding the request from Nasdaq Stock Market to list and trade BlackRock’s iShares Ethereum Trust.
Rager holds a long-term optimistic view on the crypto markets, anticipating that crypto assets will ultimately experience price increases and transition into a phase where markets become less volatile, commonly known as 'easy mode.'
The analyst also names one crypto sector that he thinks will give the markets a big shot in the arm moving forward.
“Attention is about to go from just ‘crypto gaming’ to quality gaming in crypto.
There will be a few high-quality games that make the biggest impact in this market and industry.
Be ready… and here’s a tip, not all the quality games have been released yet but will be in 2024.”
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