Ethereum Forms Pivotal Bull Signals
Ethereum has dramatically underperformed Bitcoin over the past two weeks. The leading crypto asset has gained around 13% as BTC has surged closer to 20%.
Despite this underperformance on a short term basis, analysts think that ETH will soon see an explosion in price appreciation.
One crypto-asset analyst shared the chart below on October 27th. It shows that Ethereum is currently underperforming BTC but may soon catch up due to a number of technical signals. He specifically pointed to three technical signals, derived from the Ichimoku Cloud indicator. These signals are as follows:
Chart of ETH's price action vs that of Bitcoin over the past few weeks with analysis by crypto trader Trading Cyclist (@Fullgastrader) Source: ETHUSD from TradingView.com
Likely to Outperform BTC Moving Forward
Despite this, analysts think that Ethereum may outperform Bitcoin moving forward.
Su Zhu, CIO and CEO of Three Arrows Capital, recently shared the following sentiment:
We’ve seen this play out quite well over the past week. As aforementioned, as Bitcoin has rocketed higher, ETH has been lagging.
Ethereum may continue higher, though, once Bitcoin begins to consolidate and capital made in BTC longs begins to cycle down the crypto risk spectrum.
This may not take place for a while, though. Analysts also note that the Bitcoin dominance metric, which tracks how altcoins perform against BTC, is set to move higher.
Featured Image from Shutterstock Price tags: ethusd, ethbtc Charts from TradingView.com Ethereum Hasn't Even Started: 3 Technical Signs Suggest Bull Trend Coming
Originally from Bitcoinist.com https://ift.tt/3owlDbD
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