Peter Brandt warns of a potential downturn for Ethereum against Bitcoin, as ETH struggles with a significant downtrend while BTC surges. Despite recent bullish movements and positive ETF inflows for Ethereum, concerns remain about its ability to recover and maintain momentum. Traders are closely monitoring upcoming market signals.
Peter Brandt, a seasoned trader, has thrown a spotlight on what might be a concerning trend for Ethereum, the second-largest cryptocurrency by market cap. Once considered a prime competitor to Bitcoin, Ethereum has been under pressure lately, trailing behind as Bitcoin enjoys a significant surge. Currently, Bitcoin has risen 53% over the year, in stark contrast to Ethereum, which has seen a steep decline of 42%.
In a recent post on X, Brandt shared some worrisome analysis regarding the ETH/BTC pair. His chart illustrated a clear downtrend, indicating that Ethereum is consistently losing ground against Bitcoin. It appears that Ethereum just hasn’t been able to maintain its pace with the bullish market surrounding Bitcoin and other cryptos. This self-contained comparison sheds doubt on Ethereum’s ability to mount a comeback anytime soon.
Brandt’s insights imply that without a major reversal, Ethereum faces more potential downside against Bitcoin. Traders are keenly watching this unfolding scenario, hoping for signs of recovery in the ETH/BTC pair that could suggest a shift in momentum for Ethereum after an extended downtrend.
On the brighter side, recent figures from Glassnode reveal that U.S.-based Ethereum ETFs have seen their first significant positive net inflow in over eight weeks. While the inflow of around 40,000 ETH isn’t massive, it’s a flicker of optimism that could indicate a changing sentiment toward Ethereum investment.
At the time of this writing, Ethereum was experiencing some positive movement in the market. Over the last 24 hours, ETH saw an increase of 1.12%, bringing it to around $1,830, with a notable weekly gain of 13%. Bitcoin, on the other hand, managed a slight daily uplift of 0.17%, reaching approximately $94,947, and showing a weekly rise of 7.24%. The market’s attention will now be focused on any emerging signs of a turnaround for the ETH/BTC trading pair, which may reveal renewed strength for Ethereum in the near future.
