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Ethereum (ETH) continues to exhibit remarkable price performances against Bitcoin (BTC) and has consequently reached a significant level. This situation is thought to potentially trigger an altcoin process. Ethereum has shown better performance than BTC since mid-May due to rumors about the approval of spot Ethereum ETFs in the United States.
Ethereum Comments
After the announcement of the approval on the Ethereum Spot ETF side, there was a noticeable increase in Ethereum’s price. The ETH/BTC pair today indicates a level of 0.056, which is interpreted as a significant increase on the Ethereum side.
On the other hand, Bitcoin’s price has already gained a strong support level at $67,000, but a potential drop to $65,000 is also being discussed in the market. Meanwhile, Ethereum continues to trade near the $3,800 level due to increased market activity.
When examining the period after May 15, it is seen that ETH experienced a 30% increase, compared to BTC’s 9% rise. The resulting price performance also shows the ETH/BTC ratio, which marked $0.05854, the highest level in two weeks on May 23, indicating a 31% increase.
In an analysis shared on X, analyst Moustache noted that the support trend line, visited multiple times over the years in the ETH/BTC ratio, was seen once again. Historical analysis shows that ETH prices rose from this line, leading to increases in altcoin prices.
ETF and Ethereum’s Future
Speaking of the ETH/BTC ratio, it shows how Ethereum performs relative to Bitcoin. Leading market analysts closely follow this ratio due to the comparison of the two top cryptocurrencies in the market.
Despite a strong outlook for Bitcoin over the past two years, the monthly chart of the ETH/BTC ratio continues to move within a downward channel, indicating an upward trend for Ethereum.
One of the leading market analysts, Michaël van de Poppe, made significant statements. The analyst highlighted the upward trend in the relative strength index (RSI) of the ETH/BTC weekly chart analysis, indicating a trend reversal. He also noted that if the mentioned ratio stays above 0.051, the process will progress upward.
On the other hand, data provided by Santiment indicates an increase in network activity in Ethereum. According to data provided by CryptoQuant, the number of unique smart contracts in Ethereum increased from 37,870 on May 20 to 38,066 on May 31, indicating growing interest.
