The rivalry between Ethereum and Bitcoin remains a major topic of conversation within the crypto community. In 2024 it seems to be mainly about Bitcoin because of the American Spot Bitcoin ETFs, but there seem to be some hopeful developments for the number two in the market.
Recent analyzes point to a power struggle between Ethereum and Bitcoin in the coming month. Can Ethereum bounce back against Bitcoin in May?
Ethereum vs Bitcoin
Ethereum recently regained a crucial level on the chart, indicating strong support around 0.049 in the trading pair with Bitcoin (ETH/BTC). This recovery is crucial as it signals Ethereum’s resilience and potential for upside if it remains above this threshold. Crypto trader DaanCrypto shows that ETH is still range trading with BTC.
On the other hand, sentiment surrounding Bitcoin’s current price is more uncertain. Analysts like AltcoinSherpa are concerned about the price movements of Bitcoin. Sometimes there seems to be a new revival, but the bulls have not yet managed to take hold.
“I think we will see some gains in the short term, but I don’t think this is the real bottom yet,” said Altcoin Sherpa.
This cautious stance is echoed by others who point to Ethereum’s promising volatility and trading volume, which could be an advantage over Bitcoin’s relatively dull market performance.
Anbessa added commentary on a possible approval or disapproval of a Spot Ethereum ETF as a catalyst for what will happen next.
“Is the SEC trying to force you to sell Ethereum before we start our climb?” Anbessa said.
Additionally, the trader stated that while the downside target on ETH/BTC has been reached, it could retest support before more upside is seen. “We could see another retest of support and consolidation for a few months. Solid volatility to benefit from ETF rejection and subsequent approval,” Anbessa concluded.
ETH/USD pair also shows lack of bullish momentum
Yet not all signals are bullish. Crypto analysts such as ColdBloodShill note that Ethereum has struggled to stick a landing in recent months, and it faces challenges in maintaining a consistent uptrend. Such insights are crucial because they underscore the ongoing challenges and competitive advantage needed to truly surpass Bitcoin.
ColdBloodShill’s chart shows how ETH has failed to hold key support and has essentially turned it back into resistance. The chart again indicates a possible decline towards the USD 3,100 area.
Although Ethereum is showing promising signals to potentially surpass Bitcoin in May, the crypto market remains unpredictable. The battle between Ethereum and Bitcoin is not just about prices and technical data, but also about broader market dynamics, including regulatory news and economic indicators.
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