A closely watched crypto analyst warns that Ethereum is likely to continue to underperform Bitcoin (BTC), despite growing hype surrounding the potential adoption of ETH exchange-traded funds (ETFs) in the spot market.
Pseudonymous analyst Rager tells his 199,400 followers on the social media platform
According to the analyst, ETH/BTC remains in a prolonged downtrend even after showing signs of life earlier this month.
“Other than a quick three-day rebound in early January, ETH hasn’t been a great trade against BTC in a long time.
The downtrend will continue unless ETH can show strength, the spot ETF slowdown certainly hasn’t helped matters.”
Last week, the U.S. Securities and Exchange Commission (SEC) postponed its decision to approve or deny Grayscale’s request to convert its Ethereum Trust (ETHE) product into an ETF. The regulator also took similar action following the Nasdaq Stock Market’s request to list and trade BlackRock’s iShares Ethereum Trust.
Rager is also long-term bullish on the crypto markets. He believes that crypto assets will eventually push higher prices and enter “easy mode,” where markets will leave their choppy phase behind.
The analyst too names one crypto sector that he thinks will give the markets a big boost in the future.
“The focus is about to shift from just ‘crypto gaming’ to quality gaming in crypto.
There will be a few high-quality games that will have the biggest impact on this market and sector.
Be prepared… and here’s a tip: not all quality games have been released yet, but they will in 2024.”
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Generated image: Midjourney