- The development of Ethereum 2.0 will be reflected in Ethereum’s (ETH) price, causing it to outperform Bitcoin (BTC).
- Against Bitcoin, Litecoin (LTC) is in a downtrend since 2019 but is now showing signs of a trend reversal.
Trader Michaël van de Poppe has published a new video arguing his thesis regarding Ethereum (ETH) over Bitcoin (BTC). While acknowledging that they are two well-defined platforms with their rudiments and features, the trader understands that developments in Ethereum will be significant.
This cryptocurrency is transitioning to a Proof-of-Stake-based algorithm, and van de Poppe believes investors have a great opportunity that they can leverage in the short term. The trader stated that scalability is Ethereum’s biggest problem.
In recent months, high congestion on the blockchain has pushed up fee pricing. Therefore, many users have migrated to cheaper platforms. The trader added that this had impacted ETH’s price:
On the price chart for ETH/BTC pair, van de Poppe noted a “significant correction” for the former cryptocurrency in recent weeks. This is due to BTC’s relatively positive performance in recent weeks and the emergence of new alternatives to Ethereum, such as Cardano and Polkadot.
However, he does not rule out ETH “surprising most people,” describing its outlook as bullish. ETH’s current price range, hovering in the upper $1,600s, is strong support. The trader looked at trading volume levels and concluded that ETH could go into an accumulation period. Therefore, it is at an appropriate time to make an entry.
At the time of publication, ETH is trading at $1,693 with slight gains of 1.1% in the last 24 hours. Over the past week, ETH is posting a loss of 6.8% but still shows a significant improvement over the past month with 15.3%. The market capitalization stood at $195 billion.
Outlook for the Litecoin/Bitcoin pair
The trader also analyzed Litecoin‘s performance and stated that the cryptocurrency has potential but still in a downtrend since 2019. Therefore, he will wait to see more “strength” in the price action. He recommended investors wait for confirmation that the trend will reverse.
He indicated a positive sign of the increase in LTC trading volume, but this has not yet been reflected in the price. Van de Poppe will wait for a rise in the cryptocurrency price to look for a good position. Litecoin was trading at $182 with again 2.1% on the last day. On the weekly and monthly charts, LTC persists a correction of 9% and a gain of 1.5%, respectively.
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