ETH Outshines BTC: Is Alt Season on the Horizon?
Ethereum (ETH) is showing more bullish signs than Bitcoin (BTC), according to a TradingView analysis by Principlesofmathprob. The analyst notes that while Bitcoin has been struggling to break above its previous high, Ethereum was able to achieve this feat earlier.
One key metric mentioned in the analysis is dominance, which refers to the market share of a particular cryptocurrency. The dominance of BTC over ETH is falling, and Principlesofmathprob suggests that it may continue to decline as it has run out of upside directional energy. This could lead to a trend shift towards lower prices for BTC until new bullish information emerges.
The analyst also notes that the current move in dominance is not particularly significant and may even be considered a large range by some standards. However, there are signs of upside flow near extreme levels, which could potentially lead to a change in direction towards lower prices.
Based on this analysis, Principlesofmathprob recommends investigating altcoins as potential investment opportunities. The analyst suggests that keeping 5-6 cryptos on the watchlist could help catch the next setup or trend shift.