Bitcoin has trailed Ethereum in the second half of September, despite its latest charge to a seven-week price high...
Most cryptocurrencies were trading in the green on Friday after making decent advances between Wednesday and Thursday. In fact, the market-wide gains reversed an early midweek dip, one which ensued after a sluggish start to the week., which has seen renewed its strength in recent weeks, was trading at $2,689 at press time, with bulls targeting a close above $2,770 for the first time since August 24.
Here, it’s worth pointing out that ETH has been pushing past Bitcoin in the second half of the month, racking up gains of 16.34% since 15 September.revealed that ETH’s price moved up 11.26% last week, while BTC registered a 7.38% uptick. While both cryptocurrencies have slowed this week, they remain on course for third consecutive weekly gains.Overlooking its recently rejuvenated action though, Ethereum has fallen by 20.75% over the last three months.
Analysts have set a short-term price target in the $68k to $70k range for BTC and in the $2,760 to $2,820 range for ETH. However, aespecially if the momentum wanes, calls for caution on long positions. Momentum exhaustion would pave the way for bears to seize the weekend and drag prices down, as was the case in July.retracement targets to the downside include a return below $62,000, with a possibility of a slump as deep as $57,400.
ETH price’s upside potential also faced pressure from greater Ether issuance, which could weigh on the spot movement. In fact, data from Ultrasound Money revealed that a total of 54,098.4 ETH has been added to the supply over the last 30 days, translating to a 0.547% annualized inflation rate.Sam is a blockchain research analyst and crypto data journalist with over four years of experience delivering technical content about alternative finance instruments.
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