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

Alongside Bitcoin, Ethereum price has been experiencing selling pressure, dropping all the way below $3,400. With a 3.5% decline on the weekly chart compared to Bitcoin’s 5.8%, ETH has held up relatively well against BTC recently. According to the technical picture, the ETH/BTC pair is set for a major breakout just before the Ethereum spot ETF goes live next week.

Will the price of ETH increase with the approval of the Spot Ethereum ETF?

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

Crypto analyst Michael van de Poppe also shared a similar view stating that the bull market has already started and would gain significant momentum if Ethereum price crosses 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 this direction.

Read also: PEPE Whale Focuses on Ethereum as ETF Optimism Grows

Poppe added that the Ethereum ETF

remains the most undervalued and underestimated event of the year. He added that unlike the Bitcoin ETF, the Ethereum ETF approval is not generating the same excitement. “The Ethereum ETF is basically all upside down. Zero expectations, zero hype, and if there is an expectation,” Poppe wrote.

Poppe said that while the Ether ETF is likely to attract fewer inflows compared to the Bitcoin ETF, it could have a significantly larger impact “because Ethereum’s stock-to-flow is lower than Bitcoin’s due to the huge amount of Ether staked and Ethereum’s deflationary concept.”

The entire ether ecosystem will benefit from this.

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

Popper further explained that altcoin cycles typically exhibit weaker performance during the first half of the year. However, starting in June, the cycle would reverse and momentum would build towards altcoins offering opportunities for greater returns.

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

Source