Crypto Market: Ethereum (ETH) to Outperform Bitcoin (BTC) if It Holds Key Support Level

The post Crypto Market: Ethereum (ETH) to Outperform Bitcoin (BTC) if It Holds Key Support Level appeared first on Coinpedia Fintech News

The Ethereum (ETH) price has often outperformed Bitcoin (BTC) price due to its lower market capitalization among other factors. As the top traded altcoin, Ether’s price has largely followed Bitcoin in its price action with the exception of rare occasions like the Shanghai upgrade.

However, during high-impact news like today’s FOMC statement news, most digital asset prices are expected to react in a similar move to Bitcoin. Having failed to rally beyond $2k during the bear market rally, crypto analyst Jelle thinks Ether is ready for such a move.

Ether Price Action

According to an Ether price analysis by Jelle, a long-term crypto and stock investor, the second most valuable digital asset could register a quick run towards $2k if key support levels hold. Notably, Jelle compared the May-July ETH price action to the one between June last year and March this year. Having rebounded from a double bottom in the first phase, the analyst expects Ether to perform in a similar outlook soon.

The analyst argued that Ethereum has been holding on to its support level of around $1,854 in a stronger manner than Bitcoin did with $30k.

Notably, the Ethereum weekly US dollar derivative is about to experience another death cross between the 50 and 200 Moving Averages that could see bears rejuvenated. However, an ETH uptrend momentum could continue in search of liquidation orders with stop losses slightly above the 2023 high.