Will there be an Ethereum (ETH) cryptocurrency sell-off soon? A renowned analyst recently shared a warning about a possible Ethereum sell-off. The performance of ETH related to Bitcoin (BTC) is always watched as it is an essential sign that a bull season is approaching.
Pseudonymous cryptocurrency analyst CrediBULL Crypto shared a post in which he highlighted the observation of the ETH/BTC pair, warning of a possible sell-off of Ethereum. The analyst explained that the Ethereum cryptocurrency managed to find a local top related to Bitcoin.
“Boom. Beautiful rejection in ETH/BTC as expected. It may revisit these local highs, but a full ETH/BTC pullback is on the horizon as $BTC recovers from this recent correction and begins its next impulsive move higher, outperforming ETH once again.
As I have said a million times, imo ETH/BTC does not find its macro bottom until $BTC has reached new all-time highs and any jumps before then are short-term jumps that should be eliminated,” he wrote.
Boom. Beautiful rejection on ETH/BTC as expected. May revisit those local highs but imo a full retrace of ETH/BTC is on the horizon as $BTC recovers from this recent correction and begins it’s next impulsive move to the upside, outperforming ETH once again.
As I have said before… https://t.co/HllnRI4Pee pic.twitter.com/uiOqcVvRBO
— CrediBULL Crypto (@CredibleCrypto) January 25, 2024
At the time of publication, the price of Ethereum was quoted at US$2,266.00, up 0.4% in the last 24 hours. During this period, the second largest cryptocurrency recorded a trading volume of US$8,555,288,630. The price of ETH has seen a 7.7% pullback in the last seven days.
Ethereum’s dominance continues to grow in relation to Bitcoin
The price dominance of the second largest cryptocurrency on the market, Ethereum (ETH), continues to grow in relation to that of Bitcoin (BTC), according to a survey shared by the analysis platform, Santiment, on January 16.
According to the data, Ethereum’s price dominance continues to increase in relation to Bitcoin and even rose by 22.4% in one week. During this period, 89.4 thousand new addresses were created on the Ethereum network per day and 96.3 thousand wallets were created on January 15, the survey showed.
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading cryptocurrencies carries a risk of financial loss.