Ethereum (ETH) is showing strong momentum against Bitcoin (BTC), with analysts eyeing a potential 30% breakout . This rise is indicated by the formation of a bull flag pattern in the ETH/BTC pair, suggesting that Ethereum could rise by almost 35% versus Bitcoin in the coming weeks, probably by August .
According to Cointelegraph, Ethereum is up 50% against Bitcoin since April, breaking key resistance levels . Furthermore, corporations now hold over $5 billion in ETH, which is one of the key reasons behind the Ether boom .
Ethereum's momentum is also fueled by surging ETP inflows into ETH investment products. Analyst Michaël van de Poppe noted that the breakout at 0.02425 was crucial, noting that the broader altcoin market will follow Ethereum in the momentum versus Bitcoin .
Moreover, the ETH/BTC has reclaimed a position above its 200-day moving average for the first time in a year, signaling medium- to long-term strength . ETH advocate Ted Pillows pointed out that the ETH/BTC weekly's relative strength index (RSI) has broken free from a three-year downtrend .
Several analysts have expressed positive outlooks for Ethereum. Crypto analyst Merlijn The Trader posted fractal analysis suggesting that Ether may follow a similar trajectory to Bitcoin's 2018–2021 market cycle . Projections indicate that the rally from April's low of $1,550 could evolve into a 1,110% “vertical phase”, potentially pushing ETH to around $18,205 .
While Bitcoin retracted, Ethereum saw significant gains, with its price surging over $3,144 . This performance marks a shift in market dynamics as capital rotates from Bitcoin to Ethereum .
Overall, Ethereum appears to be on an upward trajectory, supported by technical factors, increasing institutional adoption, and positive analyst outlooks. However, investors should exercise caution and consider the risks associated with the cryptocurrency market.