Good evening to all my friends. I hope you all are doing well. I am having a fantastic day. Weekend is here to enjoy ur self with loved ones. Let's talk about crypto market. Bitcoin is trading above 96k which is positive. Today i am analyzing the performance of Bitcoin and Ethereum over the last three years. Ethereum has been lagging behind Bitcoin recently, but I’ll provide clarity on where both cryptocurrencies currently stand. Starting with Bitcoin dominance, I’ve seen it break below the 21 EMA, indicating potential weakness. If Bitcoin dominance continues to decline, this could lead to significant changes in Bitcoin’s price action. For Ethereum, a Golden Crossover is expected around December 4. This crossover, where the short-term moving average crosses above the long-term one, has historically led to rallies. I saw this happen in November 2023 and again in February 2023, resulting in substantial gains for Ethereum.
Friend's, Currently, Ethereum is 23% below its all-time high of $4,900, but I’m seeing signs that it could soon outperform Bitcoin. Looking at past trends, Ethereum has historically outperformed Bitcoin in the later months of the year, especially in December. In fact, whenever Ethereum has bounced off its support trendline, as I’m seeing now, it’s often followed by strong rallies, similar to what I saw in 2015, 2016, 2019, and 2020. If Bitcoin dominance continues to weaken, Ethereum could experience bullish momentum, potentially reaching new highs in the upcoming months. That's it for today. Thanks & have a good day!!
@abfarhan