From Nasdaq:

Ethereum (CRYPTO: ETH) is up 8% week-over-week, but continues to underperform Bitcoin (CRYPTO: BTC), with the ETH/BTC chart showing 11 red candles in a row, prompting concerns about further underperformance.

Analyst Rager highlighted the downtrend in the ETH/BTC chart, but after today’s gains, suggested a possible bottom with rumors of an ETH ETF approval, a chance to break the multi-year downtrend, and the potential for strength in Ethereum.

Ethereum’s fundamentals could be due for a reversal, with Bloomberg citing a Standard Chartered report that predicts Ethereum ETF approval in May 2024, and the SEC postponing decisions on Grayscale’s Ethereum Trust and BlackRock’s iShares Ethereum Trust.

Market Research by Layergg highlighted bullish catalysts for Ethereum, including rising staking, deflation, less Ethereum available on exchanges, and upcoming upgrades and major projects on the network. The BTC/ETH correlation has also dropped below its all-time average for the first time since 2021, signaling the potential for ETH to break away from BTC’s influence.

Ethereum will be looking to maintain its dominance over Solana, its main rival, which is tipped to close the gap between the two cryptocurrencies.

The article also mentioned a 14-day trial of Benzinga Professional, but the trial is not relevant to the news about Ethereum and should not be included in the summary.



Read more: Ethereum Surges 8%, Analysts Split Between Bullish ‘Accelerated Phase’ And Underperformance Against Bitcoin