Ethereum has surged by 4% in the last 24-hours. Historically, ETH outperforms BTC in September, but will it be able to carve its dominance?
Does this mean the altcoin could challenge BTC’s dominance?Historically, a bullish divergence between Ethereum andPut simply, such divergences have frequently led to significant surges in Ethereum’s price, with ETH often outperforming Bitcoin during market volatility.Source : Trading View
analysis of the ETH/BTC weekly chart revealed that Ethereum experienced significant rallies in September 2016 and 2019, peaking around mid-September. Coincidentally, this year, the Federal Reserve is set to cut interest rates on the 18th of September.Historical data suggests that ETH often performs well around this time of year, and a rate cut could provide additional market momentum, potentially causing the price to reach the $2,800 resistance level.Adding to the optimism, ETH’s net inflow yesterday ended a 9-day outflow streak. Additionally, BlackRock’s ETHA saw an inflow of $8.4M after 5 trading days with zero net flows.Additionally, no U.
However, AMBCrypto notes that to solidify this thesis, on-chain data must align with Ethereum’s dominance. So, does it?At the moment, Ethereum has shown signs of recovery after testing the $2,400 zone. Analysts believe that ETH needs to break through the $2,600 resistance levels for a potential rebound.
At press time, the altcoin was trading at $2,550. Despite this, ETH trails behind BTC in volume dominance.A higher volume dominance for Bitcoin suggests it is more actively traded and has greater liquidity in the market.2024-25In other words, ETH market sentiment is influenced by BTC’s overall performance. If Bitcoin declines, Ethereum is likely to follow suit, reinforcing BTC’s dominance over its counterpart.
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