Ethereum is coming from a bad period, with its price going below $3,000 due to Bitcoin’s price crash. Nevertheless, there’s optimism that ETH will bounce back and even go as much as outperforming Bitcoin. In this article, we will explore the metrics that support this argument, the influencers backing it up, and Ethereum’s current market performance.
Vital Metrics Suggests Ethereum Will Outperform Bitcoin
Despite the crypto market entering into another round of massive bearish trends amidst huge liquidations, metrics still suggest Ethereum stands a better chance than Bitcoin in the market. One of them is the Bitcoin dominance metric, often shortened to BTCD. This is how it works. When Bitcoin price outperforms altcoins, BTCD increases, but when altcoins outperform Bitcoin, BTCD decreases.
While 2024 has been primarily bullish for Bitcoin, the same can’t be said for altcoins. This is true as BTC has been able to reach a new all-time high while altcoins like ETH aren’t close to their previous all-time high. However, an important metric like the BTCD shows ETH now stands a chance. Apparently, BTCD has fallen and is currently moving between 56 and 52%. At press time, it stood at 54.84%.
Furthermore, Ethereum’s weekly RSI & MACD have generated a triple bullish divergence, pointing towards a potentially massive increase. Even though ETH is undergoing a huge correction in the market, its weekly MACD broke out from its resistance trend line, showing an important bullish signal.
Crypto Experts Predict Ethereum to Reach $10,000
Some crypto experts also believe that Ethereum could outperform Bitcoin in the next bull run. In fact, many of them predict Ethereum’s price to reach as much as $10,000.
One crypto influencer who expresses this opinion is Mister Crypto. Addressing his more than 96,000 Twitter followers, he said ETH could grow to more than $10,000. He also mentioned other altcoins like Solana increasing to as much as $1,000 in the next bull run.
Another expert named Etherean Vibin on Twitter confirmed this position, saying ETH could move to $10,000 before the summer. “Ethereum $ETH really enjoys taking the scenic route on its way to $10,000+ this summer,” he said.
Current Market Performance for ETH
Ethereum is currently in a massive downturn in the crypto market, but not as worse as Bitcoin in terms of the amount lost. At press time, Ethereum is still fluctuating between $3,000 and $2,900. Apparently, it will take another decline in key level for Ethereum to move below $2,900. On the other hand, Bitcoin lost the majority of its gains and is on the way to going below $60k. At the time of writing, its price is fluctuating at $60k.
Conclusion
While Ethereum is having a bad market performance, many metrics and even crypto influencers believe it could outperform Bitcoin in the next bull run. Apparently, metrics like BTCD and MACD show Ethereum’s breakout after these bearish trends could be massive. Moreover, crypto influencers are predicting ETH to reach $10,000 in the next bull run. Nevertheless, investors need to be careful and invest what they can afford to lose, as the market is incredibly volatile at the moment.
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The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from cryptonewsbytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from the company.
