Ethereum’s Decline Against Bitcoin
Trading expert Peter Brandt has weighed in on the recent decline in Ethereum’s value against Bitcoin. He suggests that the ongoing drop could be a “bear trap,” meaning it may entice sellers to short Ethereum, only to see it reverse unexpectedly.
Bullish Signals Amid the Downturn
Despite the decline, bullish signals have emerged for Ethereum:
- Options Market Optimism: A significant portion of Ethereum options expiring in April are bullish bets.
- Put-Call Ratio: The ratio of put options to call options favors call options, indicating bullish sentiment.
- New Ethereum Whales: Two new whales have acquired substantial amounts of ETH, suggesting confidence in its prospects.
Bitcoin’s Strength
While Ethereum faces pressure against Bitcoin, Bitcoin itself has shown resilience. Analyst Ali predicts a potential breakout and upside target of $85,000 if Bitcoin holds above $70,800.
