ETH/BTC Pair Eyes Major Breakout With Ethereum ETF On The Horizon, What’s Next?

Along with Bitcoin, Ethereum price saw selling pressure falling all the way below $3,400. With a decline of 3.5% on the weekly chart compared to 5.8% for Bitcoin, ETH has held up relatively well against BTC recently. According to the technical chart, the ETH/BTC pair is on the verge of a major breakout just before the Ethereum spot ETF goes live next week.

Will ETH Price Recover With Ethereum Spot ETF Approval?

Crypto market analyst Ali Martinez has shown that ETH/BTC is finally breaking above the 365 simple moving average. This development shows an early sign of the impending altcoin season.

Cryptocurrency analyst Michael van de Poppe also shared a similar view, saying that the bull market has already started and would gain significant momentum if Ethereum price breaks above the 0.06 BTC level.

If these key levels are breached, Poppe expects a significant influx of capital into the Ethereum ecosystem. The launch of the Ethereum Spot ETF Next week in the United States could prove to be a major catalyst in that direction.

Read also: PEPE Whale focuses on Ethereum as optimism around ETFs builds

Poppe added that the Ethereum ETF

The Ethereum ETF remains the most undervalued and under-publicized event of the year. He added that unlike the Bitcoin ETF, the approval of the Ethereum ETF did not generate the same enthusiasm. “The Ethereum ETF is basically all reversal. No expectations, no hype, what if there is any expectation,” Poppe wrote.

Poppe said that while the Ether ETF is likely to attract less inflows than the Bitcoin ETF, it may have a much greater impact “because Ethereum’s stock-to-flow is lower than Bitcoin’s due to the huge amount of staking. Ether and the deflationary concept of Ethereum.

The entire ether ecosystem will benefit from this.

Poppe believes that, like the ETH/BTC PriceIf the price goes higher, the entire Ethereum ecosystem would benefit, driving more usage, liquidity, and developers towards it.

Popper also explained that altcoin cycles typically exhibit weaker performance during the first half of the year. However, starting in June, the cycle will reverse and momentum will strengthen in favor of altcoins with opportunities for higher returns.

Read also : Are Spot Ethereum ETFs Set to Launch in 14 Days After S-1 Amendments?

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