While Ethereum draws attention with its weak performance against Bitcoin, analysts think that ETH will strengthen again.
According to Coindesk, Steno Research analysts argued that Ethereum will surpass Bitcoin as its on-chain activity increases.
Analysts stated that ETH's recent underperformance may have ended and argued that Ethereum may be ready for a comeback from now on.
While Ethereum only slightly rose by 8%, lagging behind Bitcoin’s 43% increase, analysts noted that ETH had a big breakout during the last bull cycle, noting that “during the last bull cycle, Ethereum’s price more than doubled compared to Bitcoin in less than two months.”
“The FED's interest rate cut has led to increased on-chain activity. This will greatly benefit Ethereum.
Considering the Fed’s influence as well as historical data, ETH looks set to rise up and suddenly overtake its major rival Bitcoin.”
Asset manager Bitwise also stated in a recent report that it is optimistic about Ethereum price prospects and that ETH could potentially rise towards the end of the year.
*This is not investment advice.
