Image default
Analysis

Ethereum To Outperform Bitcoin, Here’s The Indicator That Says So

Ethereum strikes greater in shorter timeframes and has shortly been reclaiming earlier highs. The second crypto by market cap not too long ago broke above the vital resistance at $3,000 and has been outperforming Bitcoin over the last week.

Related Reading | Bitcoin Almost Hits $44,000 With Terra $125 Million BTC Purchase Tempo Up

As of press time, Ethereum trades at $3,100 with a 3.4% and 12.2% revenue within the final 24-hours and final week, respectively. In the meantime, Bitcoin trades north of $43,000 with a 7% revenue in a single week.

Ethereum ETH ETHUSD
ETH with bullish momentum on the each day chart. Source: ETHUSD Tradingview

According to a pseudonym analyst, Ethereum may proceed on this monitor. The analyst has been intently following BTC and ETH’s price efficiency utilizing the On-Balance-Volume (OBV), a metric used to measure price momentum.

While the analyst believes each cryptocurrencies “look good”, he shared Ethereum’s OBV chart to help a bullish thesis for this asset and its potential to run greater than BTC. The analyst stated: “That’s why I’m holding ETH and selling a LITTLE of BTC”.

As ETH’s OBV reveals within the chart beneath, the cryptocurrency broke a draw back pattern which began in November 2021. At that point, ETH’s OBV stood at round 19 million and descended right into a 14 million low final February.

Ethereum ETH ETHUSD
Source: IncomeSharks through Twitter.

When Ethereum managed to interrupt the bearish trendline, it hinted at the potential for reclaiming extra of its OBV and possibly making a run into the $4,000. ETH is presently approaching 17 million in OBV.

On the opposite hand, Bitcoin is but to interrupt above its OBV trendline. Therefore, it may see some crab-like price motion till both bulls or bears push for his or her profit. At present ranges and in a brief timeframe, the analyst expects BTC to drag again on a few of its positive aspects.

Ethereum ETH ETHUSD
Source: IncomeSharks through Twitter

The Merge Drives Ethereum Higher

However, Bitcoin and Ethereum would possibly revenue additional in April, when the crypto has traditionally skilled income. The analyst stated:

Bitcoin appears to like April 1st. It has marked the native bottoms earlier than and been virtually the precise backside earlier than a bull run a number of instances. Minus final yr, was an area prime, it’s been a really pivotal date. Seeing we’ve already corrected I’m leaning in the direction of an thrilling April 1st.

ETH’s price present rally might be supported by the upcoming launch of “The Merge”. The occasion will mix Ethereum’s execution layer with its consensus layer supported by a Proof-of-Stake (PoS) mechanism.

Related Reading | Bitcoin Miner Revenue Grows By 7%. Here’s How Much They Made

Data from IntoTheBlock point out curiosity on this occasion has been rising. As seen beneath, there appears to be a correlation between this metric and the price of ETH.

Related posts

What Factors Are Driving The Bitcoin Remittance Revolution In Africa? These Ones

Crypto Advisor

How Crypto Empowered Porn Creators In 2021: Less Cant More Freedom

Crypto Advisor

Maximize Your Crypto Holdings With High Yield Farming On BNB100X

Crypto Advisor

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

bitcoin
Bitcoin (BTC) $ 18,892.82 2.50%
ethereum
Ethereum (ETH) $ 1,324.48 2.56%
tether
Tether (USDT) $ 1.00 0.11%
usd-coin
USD Coin (USDC) $ 1.00 0.17%
bnb
BNB (BNB) $ 265.40 1.83%
binance-usd
Binance USD (BUSD) $ 0.997308 0.43%
cardano
Cardano (ADA) $ 0.445704 0.47%
xrp
XRP (XRP) $ 0.399145 5.64%
polkadot
Polkadot (DOT) $ 6.21 1.82%
solana
Solana (SOL) $ 31.59 1.94%
shiba-inu
Shiba Inu (SHIB) $ 0.00001 4.12%
dogecoin
Dogecoin (DOGE) $ 0.058497 0.23%
staked-ether
Lido Staked Ether (STETH) $ 1,315.96 2.34%
matic-network
Polygon (MATIC) $ 0.726778 3.98%
tron
TRON (TRX) $ 0.059695 1.24%
dai
Dai (DAI) $ 1.00 0.12%
avalanche-2
Avalanche (AVAX) $ 16.66 2.45%
ethereum-classic
Ethereum Classic (ETC) $ 28.68 2.95%
leo-token
LEO Token (LEO) $ 4.73 0.72%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 18,898.16 2.59%
uniswap
Uniswap (UNI) $ 5.36 1.98%
litecoin
Litecoin (LTC) $ 51.46 0.96%
cosmos
Cosmos Hub (ATOM) $ 13.73 10.47%
okb
OKB (OKB) $ 14.81 1.82%
ftx-token
FTX (FTT) $ 23.31 2.79%
terra-luna
Terra Luna Classic (LUNC) $ 0.000291 3.52%
near
NEAR Protocol (NEAR) $ 3.81 5.06%
chainlink
Chainlink (LINK) $ 6.85 4.88%
crypto-com-chain
Cronos (CRO) $ 0.104002 0.34%
monero
Monero (XMR) $ 140.33 0.71%
stellar
Stellar (XLM) $ 0.114125 1.32%
bitcoin-cash
Bitcoin Cash (BCH) $ 112.29 1.37%
algorand
Algorand (ALGO) $ 0.319548 6.25%
flow
Flow (FLOW) $ 1.66 2.16%
vechain
VeChain (VET) $ 0.022296 2.44%
eos
EOS (EOS) $ 1.31 2.59%
internet-computer
Internet Computer (ICP) $ 5.78 4.74%
filecoin
Filecoin (FIL) $ 5.24 3.34%
chain-2
Chain (XCN) $ 0.066089 5.89%
frax
Frax (FRAX) $ 0.999257 0.12%
hedera-hashgraph
Hedera (HBAR) $ 0.057212 2.12%
decentraland
Decentraland (MANA) $ 0.701708 3.30%
apecoin
ApeCoin (APE) $ 5.62 3.11%
the-sandbox
The Sandbox (SAND) $ 0.838905 1.89%
tezos
Tezos (XTZ) $ 1.45 3.04%
quant-network
Quant (QNT) $ 99.97 7.15%
axie-infinity
Axie Infinity (AXS) $ 12.20 2.65%
aave
Aave (AAVE) $ 74.32 1.97%
lido-dao
Lido DAO (LDO) $ 1.78 1.55%
elrond-erd-2
Elrond (EGLD) $ 47.27 1.77%
theta-token
Theta Network (THETA) $ 1.03 1.54%
true-usd
TrueUSD (TUSD) $ 1.00 0.03%
chiliz
Chiliz (CHZ) $ 0.224358 10.30%
bitcoin-sv
Bitcoin SV (BSV) $ 48.45 1.57%
compound-usd-coin
cUSDC (CUSDC) $ 0.022721 0.22%
paxos-standard
Pax Dollar (USDP) $ 0.99831 0.26%
kucoin-shares
KuCoin (KCS) $ 8.89 1.75%
bittorrent
BitTorrent (BTT) $ 0.00000078439516 1.82%
ecash
eCash (XEC) $ 0.000039 0.77%
the-graph
The Graph (GRT) $ 0.096088 4.61%
iota
IOTA (MIOTA) $ 0.257629 0.60%
zcash
Zcash (ZEC) $ 53.51 2.80%
huobi-btc
Huobi BTC (HBTC) $ 18,798.46 2.65%
usdd
USDD (USDD) $ 1.00 0.06%
huobi-token
Huobi (HT) $ 4.58 2.87%
evmos
Evmos (EVMOS) $ 2.55 4.25%
havven
Synthetix Network (SNX) $ 2.32 6.92%
cdai
cDAI (CDAI) $ 0.022061 0.08%
maker
Maker (MKR) $ 600.08 3.20%
bitdao
BitDAO (BIT) $ 0.495143 3.80%
klay-token
Klaytn (KLAY) $ 0.198086 0.03%
neutrino
Neutrino USD (USDN) $ 0.942924 2.85%
fantom
Fantom (FTM) $ 0.22536 1.68%
compound-ether
cETH (CETH) $ 26.82 1.56%
neo
NEO (NEO) $ 8.29 0.87%
helium
Helium (HNT) $ 4.61 0.46%
gatechain-token
Gate (GT) $ 4.18 0.79%
defichain
DeFiChain (DFI) $ 0.819765 2.10%
radix
Radix (XRD) $ 0.057284 1.48%
celsius-degree-token
Celsius Network (CEL) $ 1.44 1.68%
pax-gold
PAX Gold (PAXG) $ 1,665.98 0.10%
pancakeswap-token
PancakeSwap (CAKE) $ 4.38 0.84%
thorchain
THORChain (RUNE) $ 1.60 4.29%
osmosis
Osmosis (OSMO) $ 1.24 7.16%
zilliqa
Zilliqa (ZIL) $ 0.031484 2.38%
enjincoin
Enjin Coin (ENJ) $ 0.469205 3.20%
nexo
NEXO (NEXO) $ 0.873825 2.60%
arweave
Arweave (AR) $ 9.36 3.45%