Ethereum, the leading altcoin, is showing significant signs of a bullish trend against Bitcoin, a development that could potentially alter the dynamics between these two major cryptocurrencies.
For the first time since over one year and 6 months, *ETH* had recently achieved a remarkable milestone with respect to price recording above the two-day Ichimoku cloud. This technical indicator often used to measure momentum and future ranges of support and resistance for Ethereum is signaling that a large shift in its trading range versus *BTC* may be on the horizon.
This promising trend was highlighted by renowned cryptocurrency trader Josh Olszewicz, who pointed out the rarity of this occurrence and its potential implications.
Per Olszewicz, the ETH/BTC trading pair seems to have bottomed out after actual years of BTC clearly stealing all altcoins’ thunder. Ethereum currently trades at about 0.055 BTC on Binance – a steep retrace that could be the beginning of some relief in its market trajectory, should it hold this price floor.
Ethereum’s Resurgence in the Crypto Market
Even though the crypto market as a whole is down and both Bitcoin and Ethereum have melted, Ethereum’s relative strength against Bitcoin has been notable.
Ethereum has recovered substantially from the low of 0.044 BTC in May, appreciating by up to 28% against Bitcoin itself. Part of this spike is potentially due to the unexpected number of form 19b-4 files for Ethereum ETFs approved by the U.S. SEC, which has reignited both institutional interest and a speculative retail boom in all things Ether-related.
Currently, the broader crypto market continues to exhibit signs of bearish sentiment, with Bitcoin dropping 1.2% and Ethereum slightly better at a 0.5% decline over the past 24 hours.
These movements have brought Bitcoin’s price to around $60,736 and Ethereum’s to approximately $3,372. However, the slight edge in Ethereum’s performance might indicate a growing investor confidence in its potential as a leading technology platform, beyond just a digital currency, which could be central to its recent gains against Bitcoin.
