Interest in the crypto market is slowly shifting from Bitcoin (BTC)Ether (EtherethBut most investors are unlikely to notice this because of concerns about past market downturns, said a crypto analyst.
“The market is not exactly Bitcoin; in fact, it is turning to Ethereum,” explain My Trade Capital founder Michaël Vande Poppe is in a market update on Wednesday.
Van de Poppe cited the latest documents from popular Bitcoin analyst Willy Woo, who believes the cryptocurrency market is entering the “Ethereum” state.
Crypto Investors Trapped in the “bad market” mentality
“I like that,” Van de Poppe agreed. However, the first phase of this transition may not have attracted attention because “everyone is still stuck in the fact that the market is bad.”
“The first sign is that we are currently seeing better returns on Ethereum.”
“The reason we see a shift in Ethereum or the Ethereum market is that the macroeconomic bill begins to rise as the dollar becomes weaker,” he said.
At the time of publication, Ether has increased 71% since its April-June low of $1,472, according to Used to share market cap data.
However, it is still down 48% from its all-time high of 48% in November 2021. Van der Pope said:
“We have finally been in a better position in recent months, but everyone is still stuck in PTSD.”
The ETH/BTC ratio has risen 0.33% over the past 30 days, but has remained down 32.32% to 0.024 in the past six months, according to to TradingView data. Crypto analyst “encrypting guy” Tell Their 82,100 X followers is the “most important chart”.
“We need to see some strength before we can see a big reversal.”
Meanwhile, crypto analyst Ted said that during the 2017-2021 cycle, Ethereum is following the Bitcoin model.
“The real parabolic action will start after ETH breaks by $4,000,” Ted explain.
Spotted EthETFs show promising momentum
However, the latest performance of Ethereum Exchange-Trade Funds (ETFs) is even more promising.
The U.S.-based Ether ETF has recently recorded their The longest inflow stripe ever For 19 consecutive days, US$1.37 billion inflows. according to For Farside data, it accounts for about 35% of the total inflow since its launch in July 2024.
However, other indicators suggest it is still a very Bitcoin-based market. CoinMarketCap’s Altcoin Season index – Measure whether Altcoins outperforms Bitcoin based on 90-day performance – Currently it shows that it is still the “bitcoin season”, with 23 out of 100 points.
There are recent signs of potential flip signs on May 10, when the index went from $1,811 on May 7 to $1,811 on May 10 to $2,582.
Altcoin season depends on the performance and performance of the ether
Van de Poppe said Ethereum needs to provide stronger, more sustained performance for the long-awaited altcoin season to return.
“If we want to be in a preseason where we want to get out of breaking even, or even making money, then we need Ethereum to do better, then we need Ethereum to show strength,” said van de Poppe.
“The market is getting more and more complicated,” he added.
Related: As liquid supply declines, fixed Ethereum has reached 35 million ETH
CoIntelegraph reported Friday that Ether Futures Premium briefly turned bearish as Eth Price fell 15% to $2,440, consuming $277 A long leverage position In two days.
However, futures premiums have already returned to a neutral 5% threshold on Sunday, suggesting traders are regaining confidence in the $2,400 support level.
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This article does not contain investment advice or advice. Every investment and trading move involves risks and readers should conduct their own research when making decisions.
