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Ethereum Price Could Soar Following Bitcoin Price

Ethereum Price Could Soar Following Bitcoin Price

HappyCoinNewsHappyCoinNews2024/11/23 04:22
By:HappyCoinNews

Statistics show that the rate Ethereum (ETH) could follow Bitcoin's price as the BTC market's bull run stalls.

According to the IntoTheBlock portal, the ETH market is currently in an ambiguous situation, because some technical indicators point to an increase in the asset’s value, while others point to a fall. For example, among the negative factors turned out a slight increase in the number of transactions and new crypto wallets. Most likely, this is due to the high popularity of second-level networks operating on the blockchain Ethereum .

In this case, crypto whales and ordinary traders are in no hurry to part with their coins. This is about show data on the inflow and outflow of capital from crypto exchange accounts, as well as fluctuations in the profit margin on coins sold ( SOPR ).

Ethereum Price Could Soar Following Bitcoin Price image 0

Indicators Ethereum

These metrics reflect the prevailing sentiment among market participants, which can be described as “buy and hold.” This is due to traders’ confidence in the high potential of ETH in the long term, — wrote employees of the research company CryptoQuant.

Historically it so happened that Ethereum benefits more than other cryptocurrencies from capital rotation after the end of the bull market in Bitcoin. For this reason, analysts at IntoTheBlock believe that the price of ETH will soar if the BTC rate consolidates at its current height. That is, the influx of capital into Ethereum expected after the Bitcoin bull run stops, which will mark the start of the altcoin season.

EN @happycoinnews
EN @happycoinnews_en
0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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