Peter Brandt, an experienced trader, warns of a possible decline in Ethereum vs Bitcoin.

In the past, Ethereum—the second-largest cryptocurrency by market capitalization—was thought to be the most likely competitor to Bitcoin as the leading cryptocurrency and the one most suited to facilitate the use of blockchain technology.

During the major cryptocurrency booms of 2017 and 2021, Ethereum was at the center of the action, with its price rising far faster than Bitcoin.

But Ethereum hasn’t been able to keep up with the current boom in Bitcoin and other cryptocurrencies. CoinGecko data shows that Ethereum is down 42% and Bitcoin is up 53% year.

Renowned trader Peter Brandt pointed out a downward trend on X that might indicate more serious problems for the second-largest cryptocurrency by market capitalization. Brandt posted a chart showing the ETH/BTC pair’s continuous drop in response to a tweet. As Ethereum was unable to stay up with Bitcoin’s surge in recent months, the chart showed it steadily losing ground to the cryptocurrency.

Reversal imminent?

For now, peter Brandt chart adds to the warning that Ethereum may face further downside against Bitcoin unless a significant trend reversal occurs.

After eight weeks of outflows, U.S. Ethereum ETFs saw their first positive net inflow, which is good news for Ethereum, according to Glassnode. Although the influx was just about 40,000 ETH, it suggests that attitudes regarding ETH exposure may be changing. As of the time of writing, ETH was outperforming Bitcoin in terms of weekly and daily increases.

Bitcoin gained 0.17% in the previous day to $94,947, up 7.24%, while Ethereum rose 1.12% in the last day to $1830, up 13% weekly. The market will be looking for indications of a reversal in the ETH vs. BTC pair in the coming days, as this could indicate strength for the second-largest cryptocurrency by market capitalization after a protracted downward trend.

 

This Article originally posted in U.today

 

 

 

 

 

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