"Ethereum (ETH) Poised for Further Rise... Lower Selling Pressure Compared to Bitcoin (BTC)"
JH Kim
Summary
- Ethereum (ETH) has recovered the $3,600 level, indicating a high probability of further price increases.
- Based on the ETH/Bitcoin (BTC) exchange inflow ratio, Ethereum's selling pressure is lower than that of Bitcoin.
- With the rise in the ETH/BTC ETF holding ratio, the first major resistance level is around $4,500.
On the 24th (local time), Cointelegraph, a media outlet specializing in virtual assets (cryptocurrencies), reported, citing analysts, that Ethereum (ETH), having regained the $3,600 level, has a high probability of further increase.
The outlet stated, "Looking at the ETH/Bitcoin (BTC) exchange inflow ratio, the selling pressure for Ethereum is relatively lower than that for Bitcoin," and added, "Such a trend suggests the possibility of ETH/BTC ratio continuing to rise."
They further explained, "The ratio of ETH/BTC ETF holdings has also increased from 0.02 in May to 0.12 currently, further supporting Ethereum's strong performance," and noted, "The first major resistance level is around $4,500."
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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