Analyst Issues a Warning on Ethereum (ETH), Saying One Crypto Sector Will Have the Biggest Impact on Crypto Markets
A closely followed crypto analyst warns that Ethereum will likely continue to underperform Bitcoin (BTC) despite growing hype surrounding the potential approval of ETH exchange-traded funds (ETFs) on the spot market.
Pseudonymous analyst Rager tells his 199,400 followers on the social media platform X that he is closely monitoring the Ethereum vs. Bitcoin (ETH/BTC) chart.
According to the analyst, ETH/BTC remains in a long-term downtrend even after showing signs of life earlier this month.
“Aside from a quick three-day bounce in early January, ETH hasn't been a good trader against BTC in a long time.
The downtrend continues unless ETH can show strength, the spot ETF delay certainly didn’t help the case.”
Source: Rager/X
Last week, the U.S. Securities and Exchange Commission (SEC) postponed its decision to approve or reject Grayscale's application to convert its Ethereum Trust (ETHE) product into an ETF. The regulator also took similar action regarding the Nasdaq Stock Market's application to list and trade BlackRock's iShares Ethereum Trust.
Rager is also long-term optimistic about the crypto markets. He believes that crypto assets will eventually fetch higher prices and enter “easy mode” where markets move past their troubled phase.
The analyst also names a crypto sector that he believes will give markets a big boost in the future.
“Attention will shift from pure 'crypto gaming' to high-quality gaming in the crypto space.
There will be some high quality games that make the biggest impact in this market and industry.
Be ready… and here’s a tip: not all high-quality games are out yet, but they will be in 2024.”
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