by • Ethereum (ETH) is expected to outperform Bitcoin (BTC) in the midterm according to the co-founders of crypto analytics platform Glassnode.
• They expect ETH/BTC to test support at around 0.06 BTC ($1,742) before breaking out and rallying towards 0.07 BTC ($2,032).
• The pair may gain bullish momentum when the US dollar index (DXY) takes a breather.
Ethereum Gearing Up For A Spectacular Run
The co-founders of the crypto analytics platform Glassnode, Jan Happel and Yann Allemann, believe that Ethereum (ETH) is set to go higher against Bitcoin (BTC). With 55,800 followers on their Negentropic Twitter account, they suggest that ETH could break out from its multi-month downtrend against BTC and rally towards 0.07 BTC ($2,032).
Short-Term Weakness Expected
Glassnode’s co-founders suggest that there may be short-term weakness in ETH/BTC before it reaches its mid-term target. They recommend investors focus on building a strong core portfolio for the upcoming bull market instead of high beta plays.
Bitcoin Price Action
Turning to Bitcoin’s price action, Jan Happel and Yann Allemann explain that without a catalyst pushing it higher, BTC will need liquidity in the mid $28K range before it can move upwards again. According to them, investors should buy dips and wait for DXY to retrace before investing heavily into altcoins.
US Dollar Index
The US dollar index (DXY) has been playing a major role in determining both Bitcoin and altcoin prices lately. Therefore Happel and Allemann warn investors not to get too optimistic about altcoins until DXY takes a breather from its uptrends.
Conclusion
Overall this article suggests that Ethereum is likely gearing up for a spectacular run while Bitcoin might see further pullbacks due to strength of DXY. Investors should focus on building a solid core portfolio with low beta plays instead of relying solely on high beta ones if they want to benefit from this potential surge in ETH/BTC prices in midterms as suggested by Glassnode’s co-founders Jan Happel and Yann Allemann through their Negentropic Twitter account .
