Bitcoin Stagnates as analysts predict a potential bottom for Ethereum before the end of the year

Bitcoin Stagnates As Analysts Predict A Potential Bottom For Ethereum Before The End Of The Year



The cryptocurrency market showed little activity on Friday. At the time of writing, Bitcoin is trading flat at $58,020, down 0.4% in just the past 24 hours and down 5% over the past month.

With a lack of volume ahead of the weekend, analysts are predicting that Ethereum (ETH) could be lower for the next 2-4 months.

The second-largest cryptocurrency by market capitalization, is taking a slightly bumpy dip in Friday morning trading. At $2,345, according to CoinGecko data, it slipped 0.8% in the last day.

In particular, Ethereum has underperformed Bitcoin over the past month, falling 15 percent compared to Bitcoin's 5 percent decline.

Binance

During this period of consolidation, 10X Research analysts suggest that Ethereum may be approaching long-term oversold conditions. While cautioning not to expect an immediate rebound, the firm predicts lower formation potential over the next two to four months.

“Traders should monitor medium-term reversal indicators such as RSI and Stochastics,” advises the 10X Research Group, as these indicators can indicate a reversal from oversold levels.

RSI measures the speed and volatility of price movements to identify overbought or oversold conditions, while stochastics compares a security's closing price to its price range over a period of time to help predict market movements.

Meanwhile, the ATF market continues to show different trends between Bitcoin and Ethereum products. Bitcoin spot ETFs saw a net inflow of $39 million on September 12, with ARK's ( ARKB ) and Fidelity's ( FBTC ) leading the charge, giving $18.3 million and $11.5 million, respectively.

In contrast, Ethereum spot ETFs experienced net inflows of $20.1 million on the same day, mainly through the Greyscale (ETHE) fund.

James Davis, co-founder and chief product officer of Crypto Valley Exchange CVEX.XYZ, told Decrypt that broader economic conditions are having a significant impact on markets.

“Globally, tech stocks are rallying, good inflation data, improved growth data everywhere will allow investment. .

Fedium founder Darren Franceschini told Decrypt that he expects sideways price movement in the run-up to November, ahead of the US presidential election.

“The outcome of these elections could have a significant impact on the acceptance and regulation of cryptocurrencies in the US financial markets,” he said.

He noted that a crypto-friendly president could act as a catalyst for market growth, but that he expects high trading volume with minimal price movement until more clarity emerges.

Edited by Stacy Elliott.

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