Ether (ETH) is showing clear signs of recovery in the current cryptocurrency market cycle.
Despite initially lagging behind BTC in terms of gains and lacking clear catalysts, recent events indicate a shift in market sentiment in favor of ETH. Following the partial approval of the long-awaited Ether ETF, the altcoin’s price only dropped by 8% to $3,387 as of June 25. In contrast, Bitcoin lost nearly 10% to $61,950 at the time of writing.
According to crypto analyst “流,” Ether (ETH) has rebounded significantly against Bitcoin (BTC) from multi-year lows after a prolonged downtrend.
“From the start of this bull market, ETH seemed to lag. Slower price action, without a clear catalyst, and with little reaction as the rest of the market rose. But lately, it looks like we may be witnessing a change… Is it finally time for ETH to shine? From the 3-month low that came almost simultaneously for BTC and ETH… Ether surpassed BTC by ~9 percentage points. Even if this is largely due to the unexpected shift in SEC’s position on a spot ETF for ETH, the message is clear: ETH is far from dead and may be full of surprises.”
If ETH maintains this upward momentum and breaks out of its historical downtrend against BTC, it could attract even more attention from major investors, potentially leading to further price increases for Ether.
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Following news from Mt. Gox, Bitcoin is losing its dominance in the cryptocurrency market. The impact of the Ethereum ETF
The recent upward momentum of Ether has been supported by the potential launch of an ETH ETF expected in early July. This development is expected to enhance the attractiveness of Ether among institutional investors, potentially attracting significant capital. Interestingly, German investors show more confidence in Ether compared to Bitcoin.
Despite the positive outlook, analysts remain cautious about the excitement surrounding the ETH ETF, citing their weak performance in Hong Kong compared to spot Bitcoin ETFs.
