Ether price surges 20% against Bitcoin as BlackRock boosts Ethereum ETF bets
Ether (ETH) has gained more than 20% against Bitcoin (BTC) in 72 hours, and traders see more to come.
BlackRock CEO “Sees Value” in Ethereum ETF
Data from Cointelegraph Markets Pro and TradingView showed ETH/BTC hitting a 1-year low of 0.0478 on January 9, reaching 0.0587 on the day.
ETH/USD is also busy resolving, seeing off-chart levels since mid-2022.
In Bitcoin, the extreme divergence in the moving average converging divergence (MACD) indicator on weekly timeframes is currently a topic of interest for popular traders.
Well, it seems the trolls out there have quieted down now that they've realized that weekly bullish div. It's playing.
Also note the weekly MACD bullish crossover. $ETHBTC pic.twitter.com/IXjsXT0fL8
— Wolf (@IamCryptoWolf) January 12, 2024
The biggest altcoin will join several other large-cap tokens this week to beat Bitcoin's returns — even as the latter celebrates the launch of U.S.-based exchange-traded funds (ETFs).
Thus, Ether's turnaround threatens to leave Bitcoin in the shadows, Cointelegraph reports, even as BTC/USD hits its highest level since the December 2021 post-ETF announcement.
Buzz around ETH that it will debut its own US ETF later in the year appears to be fueling bullish sentiment.
Larry Fink, CEO of asset manager BlackRock, which launched the Bitcoin ETF this week, told CNBC earlier in the day that he “sees value” in the copycat movement for Ether.
“Larry Fink is already beating the Ethereum drum. A day after Bitcoin's launch, trader, analyst and podcaster Scott Meeker, known as the “Wolf of All Streets”, responded on X (formerly Twitter).
“Running is real.”
Analyst: Bitcoin Dominance “Looks Better”
Considering what might come next, Michael van de Pop, founder and CEO of trading firm MNTrading, said Ether continues to gain ground on Bitcoin as part of the integrated cryptocurrency market capitalization.
Related: Here's what's happening in crypto today.
“Bitcoin dominance seems to have gone up before Bitcoin went down,” he told X Subscribers.
“Expect to see continuation as Ethereum picks up more momentum. This could be the top of the cycle as the altcoin bull market begins.”
Attention will shift away from BTC/USD until Van de Pop halves the subsidy in April – itself known as a price booster, albeit not immediately.
Meanwhile, part of the ETF narrative shows a major Bitcoin supply squeeze as institutions seek long-term exposure to BTC.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
