ETHEREUM- Updated Chart with Key levels
Our updated chart with key levels.
Let's see if Ethereum can go higher now or if any factors arise to test the support (yellow level) again.
Data shows pro traders are currently more bullish on Ethereum than Bitcoin
ETH has outperformed BTC by more than 230% this year and derivatives data suggests traders believe the altcoin has a lot more upside.
Most traders have noticed that Ether (ETH) price has seriously outperformed Bitcoin (BTC) for months now and the ETH/BTC ratio has rallied more than 230% in 2021 and recently hit a new high at 0.089 BTC on Dec. 9.
ETH/BTC pair at Coinbase. Source: TradingView
To put things in perspective, Ether's $490 billion market capitalization currently represents 54% of Bitcoin's $903 billion. This ratio finished 2020 at a mere 15%, so it is safe to conclude that some 'flippening' has occurred. It might still be far from what Ethereum-maximalists imagined, but it is still quite a respectable run.
Instead of analyzing the rationale for the move or, even worse, predicting the outcome based on some loose expectations, analysts should explore the market structure of each coin individually.
For example, is the futures' market premium facing a similar trend on both coins and how does the pro traders' long-to-short ratio compare? These are the most relevant metrics to determine whether a movement has the strength to continue.
Let's see if Ethereum can go higher now or if any factors arise to test the support (yellow level) again.
Data shows pro traders are currently more bullish on Ethereum than Bitcoin
ETH has outperformed BTC by more than 230% this year and derivatives data suggests traders believe the altcoin has a lot more upside.
Most traders have noticed that Ether (ETH) price has seriously outperformed Bitcoin (BTC) for months now and the ETH/BTC ratio has rallied more than 230% in 2021 and recently hit a new high at 0.089 BTC on Dec. 9.
ETH/BTC pair at Coinbase. Source: TradingView
To put things in perspective, Ether's $490 billion market capitalization currently represents 54% of Bitcoin's $903 billion. This ratio finished 2020 at a mere 15%, so it is safe to conclude that some 'flippening' has occurred. It might still be far from what Ethereum-maximalists imagined, but it is still quite a respectable run.
Instead of analyzing the rationale for the move or, even worse, predicting the outcome based on some loose expectations, analysts should explore the market structure of each coin individually.
For example, is the futures' market premium facing a similar trend on both coins and how does the pro traders' long-to-short ratio compare? These are the most relevant metrics to determine whether a movement has the strength to continue.
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