One closely followed cryptocurrency analyst warns that Ethereum will likely continue to underperform Bitcoin (BTC) despite the growing hype surrounding the potential approval of ETH exchange-traded funds in the spot market (ETFs).
The analyst with the pseudonym Rager tells his 199,400 followers on social media platform X that he is closely monitoring the Ethereum versus Bitcoin (ETH/BTC) chart.
According to the analyst, ETH/BTC remains in a long-term downtrend even after showing signs of life earlier this month.
“With the exception of a quick three-day bounce in early January, ETH has not been a great trade against BTC in a long time.
The downtrend continues unless ETH can show strength, and the delay of spot ETFs certainly did not help in this case.
Last week, the US Securities and Exchange Commission (SEC) delayed its decision to approve or deny Grayscale's request to convert its Ethereum Trust (ETHE) product into an ETF. The regulator also took similar action on the Nasdaq Stock Market's application to list and trade BlackRock's iShares Ethereum Trust.
Rager is also considered long-term bullish on the cryptocurrency markets. He believes that crypto assets will eventually print higher prices and enter “easy mode” as the markets leave their volatile phase behind.
Analyst too names One of the crypto sectors that he believes will give the markets a great opportunity going forward.
“Attention is about to move from just 'crypto games' to high-quality crypto games.
There will be few quality games that will have the biggest impact on this market and this industry.
Be prepared… Here's a tip, not all the high quality games have been released yet but they will be in 2024.
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Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors should conduct due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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