Ethereum 'Looking Good': Technical Analysis Shows It Will Outperform Bitcoin In The Next Days, Says Trader

Author: Khyathi Dalal | May 07, 2024 07:37am

Prominent crypto analyst Capo Of Crypto shared his analysis of Ethereum (CRYPTO: ETH) and the ETH/BTC pair, suggesting that Ethereum and altcoins may outperform Bitcoin (CRYPTO: BTC) in the coming days.

What Happened: Capo pointed out that Ethereum has seen a "nice bounce from the support zone," with the lower timeframe (LTF) looking promising for bullish continuation. He noted that a flip of the $3,300 level would provide another bullish confirmation for higher prices, potentially leading to a new all-time high for ETH.

$ETH and $ETH/BTC

Nice bounce from the support zone. Ltf is looking good for bullish continuation, and a flip of the $3,300 level would be another bullish confirmation for higher prices, potentially a new ATH.

As posted the other day on TG, the ETH/BTC pair is also looking… pic.twitter.com/PtWetyiq4V

— il Capo Of Crypto (@CryptoCapo_) May 5, 2024

Furthermore, Capo highlighted the ETH/BTC pair strength, "The ETH/BTC pair is also looking good, so I think ETH and altcoins will outperform BTC these next few days."

Price Action: At the time of writing, BTC was trading at $64,076, down 0.2% over the past 24 hours while ETH is down 1.8% to $3,100.3.

Also Read: Is This The Time To Buy Altcoins? Crypto Researcher Sees These ‘2 Main Options’

Why It Matters: Capo cites the approval of Ethereum ETFs as the next upcoming event that could act as a narrative for Ethereum’s move up. The decision, expected by May 23, will make institutional investors more accessible to the second-largest cryptocurrency.

However, Bloomberg ETF analyst James Seyffart recently expressed skepticism, stating that 2025 is more likely when the Ethereum ETF will be approved. Crypto analyst Michaël van de Poppe stated that while the Ethereum ETF approval is likely to be delayed, the underlying ecosystem is resilient.

What’s Next: The influence of Ethereum as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: Unlike Bitcoin’s Case, Ethereum ETF Approval Chances Slim, Says Crypto Analyst, But ‘People Are Underestimating The Strength’ Of ETH Ecosystem

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Image created using artificial intelligence with Midjourney.

Posted In: $BTC $ETH