It is common knowledge in the digital asset market is that Bitcoin is the leader of the sector in terms of various things, including price. With that already established, one can argue that even though Ethereum doesn’t sell as much as some assets, it is still the second-placed asset in the crypto sector.
Bitcoin has been making massive bullish runs in the digital market, hitting its previous all-time high record and setting another all-time high record in the process. According to analysts, this new bullish run was triggered by various high-value investors who have embraced the leading digital assets.
Bitcoin still having most gains in the digital asset market
The latest interest is coming when the digital asset has been regarded as a hedge against inflation. With Bitcoin presently kicking down Ethereum in the gains order, several analysts in the crypto space have pointed out that Ethereum is gradually coming back against Bitcoin.
When this eventually happens, the digital asset will be in line to recoup massive losses. One analyst also said that if this eventually happens, Ethereum will begin to see an enormous surge in the coming weeks.
Looking deeply into the digital asset’s trading aspect, one can notice that Ethereum has witnessed a small bearish run of 4% and currently trades around $610. Notably, the digital asset has been trading around that price for the past few days.
The selling pressure in the upside region of $610 has seen the digital asset dire need of a climb. The digital asset has tried to break above the resistance figure in the past few days. If this trend continues in the market, Ethereum will suffer a bearish run against Bitcoin and the general digital market.
Ethereum is predicted to make a bullish formation
Another analyst has said that Ethereum could already be on its way to form a bearish triangle after moving further down in its trading pair with Bitcoin. In his recent tweet, the analyst affirms that even though the Ethereum will also trade below Bitcoin in the chart, it would soon form a bullish triangle in the coming days.
In his statement, the analyst said that even though he bought the digital asset when trading way below $600, he is convinced that it will make another massive surge. He also said that even though the resistance is around that same price figure, he is confident that the coin will break above it soon. With Ethereum trying to make a surge against Bitcoin, the analyst said yes that both assets’ trading position would determine what will happen in the next few days.