Ethereum (ETH) Lags Behind Bitcoin (BTC) and Altcoins, But Analyst Benjamin Cowen Suggests a Rally to $3,000 Could Be Coming

Ethereum, the second-largest cryptocurrency by market cap, has been lagging behind other major cryptocurrencies

Cryptocurrency prices have been surging in recent weeks, with Bitcoin (BTC) leading the charge. However, Ethereum (ETH) has been lagging behind the broader market, trading below its 20-week Simple Moving Average (SMA).

But according to crypto analyst Benjamin Cowen, this could soon change, paving the way for a potential rally in ETH.

In a recent tweet, Cowen points out that while BTC and other altcoins have already hit their bull market support bands, ETH is yet to join the party. He highlights the significance of the 20-week SMA in determining the overall market trend.

Highlighting how assets above this line are usually in a bullish phase, Cowen notes that ETH’s lagging performance could be a sign of more to come.

With the Federal Reserve’s expected rate cuts just weeks away, could Ethereum follow suit?

Crucial toلاحظ Cowen is Ethereum’s lagging performance relative to other major cryptocurrencies. While Bitcoin (BTC) and other alts have surged recently, trading above key support levels, ETH remains below its 20-week SMA. This metric is closely watched in determining the overall market trend, with assets above this line typically indicating a bullish phase.

However, Ethereum’s lagging performance could hint at a broader market move yet to be fully realized. This observation, coupled with the anticipation of the Federal Reserve’s expected rate cuts, might set the stage for an interesting convergence in the coming weeks.

In the realm of cryptocurrency prices, a game of two halves is unfolding. On the one hand, Bitcoin and altcoins have soared in recent weeks, largely driven by the broader market optimism and anticipation of the Federal Reserve’s expected rate cuts. On the other hand, Ethereum has notably lagged this rally, remaining below a key technical support level.

But as we zoom in on Ethereum’s price chart, a different story emerges. After a period of consolidation, ETH has been steadily climbing, slowly chipping away at this key resistance. If this level gives way, it could pave the way for a potential rally in Ethereum.

As of now, the price of Ethereum is hovering around $2,750, with traders closely watching for a breakout. The immediate support level for ETH is at $2,681, while the resistance is at $2,700. Bears are likely to maintain control as long as Ethereum’s price remains within this range.

However, if Ethereum manages to break above the $2,681 resistance level, it could trigger a rally toward the next major resistance at $2,930. At the moment, Ethereum is trading at $2,751, up 3.22% over the past 24 hours.

During this same period, Ethereum’s 24-hour trading volume surged by 49.15% to reach $16.3 billion. The cryptocurrency’s market cap is now at $331 billion.

The above is the detailed content of Ethereum (ETH) Lags Behind Bitcoin (BTC) and Altcoins, But Analyst Benjamin Cowen Suggests a Rally to $3,000 Could Be Coming. For more information, please follow other related articles on the PHP Chinese website!