Fans of cryptocurrencies are always searching for indications that the value of their preferred coins will increase. Tree of Alpha, a prominent trader on Binance, has a suspicion regarding Ethereum. When positive news on exchange-traded funds (ETFs) for cryptocurrencies is released, he thinks Ethereum will begin to rise.
ETFs are investment aggregators that are available for purchase and sale on standard money markets. When they mention cryptocurrencies, it may indicate that more individuals are purchasing Ethereum and other coins, which might raise their price. According to Tree of Alpha, before anticipating Ethereum’s ascent, wait for definite indications that negotiations between major investment firms like BlackRock and the U.S. SEC are proceeding well.
https://x.com/Tree_of_Alpha/status/1770353854699249904?s=20
Let’s now analyse Ethereum’s current state in comparison to Bitcoin. The graph indicates that, at the moment, Ethereum is not performing as well as Bitcoin. The latest drop from $4,000 effectively erased over half of Ether’s gains over the previous three months.
Both positive and negative elements are visible on the standard Ethereum chart, which only displays the value of Ethereum in US dollars. The silver lining is that Ethereum has been on an upward trend for some time. However, things have changed lately. Ethereum’s price dropping below the moving averages is proof of this.
It may be wise to monitor Ethereum’s position with respect to these moving averages. A persistent increase above would point to a positive trend reversal with the market gaining pace again. But as of yet, there hasn’t been much inflow.
The first phase of this bullish cycle has not seen Ethereum reach its full potential. On the other hand, for individuals who have not yet had exposure to the second-largest asset on the market, the downturn we are currently witnessing may prove to be an excellent entry moment.
