Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Ethereum Believers May Be Staring Down Opportunity As ETH Reaches Another Low Against Bitcoin: CryptoQuant CEO

Ethereum Believers May Be Staring Down Opportunity As ETH Reaches Another Low Against Bitcoin: CryptoQuant CEO

Daily HodlDaily Hodl2024/11/20 16:00
By:by Daily Hodl Staff

Believers in Ethereum ( ETH ) could be on the verge of an opportunity, according to Ki Young Ju, the founder and chief executive of the digital asset analytics firm CryptoQuant.

Young Ju tells his 370,400 followers on the social media platform X that the ETH/Bitcoin ( BTC ) Net Unrealized Profit/Loss level just hit a four-year low.

“Despite Ethereum’s underperformance against Bitcoin, ETH holders endure losses without realizing them. This mirrors levels from its early 2020 bottom.

This might be an opportunity for ETH believers.”

Ethereum Believers May Be Staring Down Opportunity As ETH Reaches Another Low Against Bitcoin: CryptoQuant CEO image 0 Source: Ki Young Ju/X

Young Ju also notes that ETH is becoming less correlated with BTC.

“The 180-day BTC-ETH Pearson correlation is at a three-year low. A 10% rise in Bitcoin could result in only a 3% gain for Ethereum.

Just because BTC is strong doesn’t mean you should buy ETH. Each asset is now following its own path.”

Ethereum Believers May Be Staring Down Opportunity As ETH Reaches Another Low Against Bitcoin: CryptoQuant CEO image 1 Source: Ki Young Ju/X

Young Ju isn’t the only crypto analyst who’s bullish on Ethereum: Former Goldman Sachs executive Raoul Pal also thinks ETH is primed for big gains.

The Real Vision CEO says ETH’s current chart is playing out similarly to Bitcoin’s between 2011 and 2019.

“Ethereum now versus the previous periods is following the last in Bitcoin. Now whether it gets to the target here of $20,000/ETH, who knows. Doesn’t really matter. But directionally, we’ll see what happens. ETH should accelerate from here, and I’m pretty confident that it will.” 

ETH is trading at $3,054 at time of writing. The second-ranked crypto asset by market cap is down more than 1% in the past 24 hours.

Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X , Facebook and Telegram

Surf The Daily Hodl Mix

Generated Image: Midjourney

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

FIFA and Mythical Bring “FIFA Rivals” to Polkadot

FIFA, the world’s biggest name in football (or soccer as Americans call it), has partnered with Mythical Games to create an exciting new mobile game called FIFA Rivals

Altcoinbuzz2024/11/26 05:00

241126: Ether Favored in Crypto Rotation as Bitcoin Recoils Off $100K Sell Wall

After a prolonged downtrend relative to bitcoin (BTC), Ethereum's ether (ETH) is showing signs of a resurgence. ETH, the second-largest cryptocurrency on the market, gained over 4% in the past 24 hours, while BTC lost 1.5% during the same time, dipping below $95,000 during the Monday session. The o

Bitget Academy2024/11/26 04:47