A closely watched crypto analyst warns that Ethereum will likely continue to underperform Bitcoin (btc) despite the growing buzz surrounding the possible approval of the spot market ETH Exchange-traded funds (ETFs).
Pseudonymous analyst Rager tells his 199,400 followers on social media platform
According to the analyst, ETH/BTC remains in a long-term downtrend even after showing signs of life earlier this month.
โAside from a quick three-day bounce in early January, ETH hasn't been a big trade against BTC in a long time.
The bearish trend continues unless ETH can show strength, the spot ETF delay certainly didn't help the case.โ
Last week, the US Securities and Exchange Commission (SEC) postponed its decision to approve or reject Grayscale's request to convert its Ethereum Trust (ETHE) product into an ETF. The regulator also took a similar action on the Nasdaq stock market's request for listing and trading. BlackRock iShares Ethereum Trust.
Rager is also long-term bullish on the crypto markets. He believes that cryptoassets will eventually generate higher prices and enter an โeasy modeโ where markets will leave their choppy phase behind.
The analyst also Names a crypto sector that he believes will give the markets a great opportunity in the future.
โAttention is about to shift from 'crypto games' to quality crypto games.
There will be some high quality games that will have the biggest impact on this market and industry.
Get ready... and here's a tip: not all quality games have been released yet, but they will be in 2024.โ
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Image generated: Halfway through the trip
