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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Will Continue To Outperform Bitcoin, Here’s The Indicator That Says So

Reynaldo Marquez
Reynaldo Marquez
3 years ago
2 mins read
Ethereum

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Ethereum moves higher in shorter timeframes and has quickly been reclaiming previous highs. The second crypto by market cap recently broke above the important resistance at $3,000 and has been outperforming Bitcoin during the last week.

Related Reading | Bitcoin Almost Hits $44,000 With Terra $125 Million BTC Purchase Tempo Up

As of press time, Ethereum trades at $3,100 with a 3.4% and 12.2% profit in the last 24-hours and last week, respectively. In the meantime, Bitcoin trades north of $43,000 with a 7% profit in one week.

Ethereum ETH ETHUSD
ETH with bullish momentum on the daily chart. Source: ETHUSD Tradingview

According to a pseudonym analyst, Ethereum could continue on this track. The analyst has been closely following BTC and ETH’s price performance using the On-Balance-Volume (OBV), a metric used to measure price momentum.

While the analyst believes both cryptocurrencies “look good”, he shared Ethereum’s OBV chart to support a bullish thesis for this asset and its potential to run higher than BTC. The analyst said: “That’s why I’m holding ETH and selling a LITTLE of BTC”.

As ETH’s OBV shows in the chart below, the cryptocurrency broke a downside trend which started in November 2021. At that time, ETH’s OBV stood at around 19 million and descended into a 14 million low last February.

Ethereum ETH ETHUSD
Source: IncomeSharks via Twitter.

When Ethereum managed to break the bearish trendline, it hinted at the possibility of reclaiming more of its OBV and maybe making a run into the $4,000. ETH is currently approaching 17 million in OBV.

On the other hand, Bitcoin is yet to break above its OBV trendline. Therefore, it could see some crab-like price action until either bulls or bears push for their benefit. At current levels and in a short timeframe, the analyst expects BTC to pull back on some of its gains.

Ethereum ETH ETHUSD
Source: IncomeSharks via Twitter

The Merge Drives Ethereum Higher

However, Bitcoin and Ethereum might profit further in April, when the crypto has historically experienced profits. The analyst said:

Bitcoin seems to love April 1st. It has marked the local bottoms before and been almost the exact bottom before a bull run several times. Minus last year, was a local top, it’s been a very pivotal date. Seeing we’ve already corrected I’m leaning towards an exciting April 1st.

ETH’s price current rally could be supported by the imminent launch of “The Merge”. The event will combine Ethereum’s execution layer with its consensus layer supported by a Proof-of-Stake (PoS) mechanism.

Related Reading | Bitcoin Miner Revenue Grows By 7%. Here’s How Much They Made

Data from IntoTheBlock indicate interest in this event has been increasing. As seen below, there seems to be a correlation between this metric and the price of ETH.

Google searches for "Ethereum merge" just hit an all-time high

Interest and optimism around $ETH picking up… 🤔 pic.twitter.com/L0AROoAFdR

— Lucas (@LucasOutumuro) March 24, 2022

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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