Ethereum Smashes Three-Month High vs Bitcoin: Will $2,464 Be Next Target?
Ethereum has reached its highest weekly close against Bitcoin in three months, settling at 0.0289, and analysts are calling for further upside.
The total crypto market capitalization has absorbed $57.39 billion in inflows since July 24th, powering Ethereum's recent outperformance and breaking above the descending resistance line on the chart.
This breakout is historically a sign that capital is rotating into Ethereum before spilling into the broader altcoin market, potentially giving altcoins room to outperform.
Analyst Daan Crypto notes that while the trend looks bullish, several conditions need to clear before momentum can carry Ethereum higher, including reclaiming both the 200-period moving average (MA) and the 200-period exponential moving average (EMA), and holding above 0.03.
Michael Van de Poppe is more optimistic, seeing a strong chance Ethereum extends its run and revisits its local high near $2,464 within his target zone.