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Home Ethereum

Bitcoin vs Ethereum – Which has the more bullish outlook for the month?

August 18, 2024
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Bitcoin vs Ethereum – Which has the more bullish outlook for the month?
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  • Both BTC and ETH have a bearish outlook based on technical analysis
  • On-chain metrics showed more consistent accumulation for ETH than BTC recently

Bitcoin [BTC] and Ethereum [ETH] were both trading beneath key resistance levels at $60k and $2.6k, respectively, at press time. Their market structures on the 3-day and weekly timeframes were bearish as well.

The rapid sell-off in early August brought panic, but it also presented market participants with the conviction to load up on these top crypto assets. AMBCrypto examined these trends to understand the market sentiment. And, we found that Ethereum had an advantage.

Price action and technical indicators showed seller supremacy

Bitcoin 1-day TradingView

Source: BTC/USDT on TradingView

On the chart, the orange marked the bearish structure break, while the significant lower high at $72k remained undefeated. Combined with the bearish RSI on the D3 chart and the downtrend of the OBV, it is likely that the sellers force BTC below $56.1k again.

The first sign of recovery would be a sustained push beyond $60k. However, at the time of writing, the demand was not present to pull this reversal off.

Ethereum 1-day Chart

Source: ETH/USDT on TradingView

The technical outlook for ETH is even more bearish. The fair value was around the $2.8k region, with the $2.9k Fibonacci level overhead. This spelt huge trouble for Ethereum bulls.

The RSI and OBV indicated bearish pressure can be anticipated. This could pave the way for a move towards $2.2k.

Netflows revealed accumulation trends more consistent for Ethereum

Bitcoin Net flows

Source: CryptoQuant

The hike in stablecoin reserves covered in an earlier report highlighted the climbing buying power in the crypto market. Just after the massive price drop on 5 August, the BTC netflows were negative.

See also  Ethereum Funding Rates Hit Key Bullish Level, Price Surge Ahead?

This showed coins leaving exchanges – A sign of accumulation.

Ethereum Netflows

Source: CryptoQuant

Ethereum has also recorded accumulation since late July. Its netflow metric’s downtrend was steadier than BTC’s.

This is a sign that Ethereum’s accumulation proceeded apace while BTC holders wavered more. Alas, it is not a definitive guarantee that Ethereum has been more bullish.

Bitcoin Coinbase Premium Index

Source: CryptoQuant

Finally, the Coinbase Premium for Bitcoin and Ethereum were both positive. This underlined greater demand from U.S.-based investors.

Even so, the premium has fallen for Bitcoin over the past two weeks.

Ethereum Coinbase Premium

Source: CryptoQuant

Meanwhile, the Ethereum Coinbase Premium was slightly more positive, another sign that demand for ETH has been higher over the past ten days than for BTC.


Read Bitcoin’s [BTC] Price Prediction 2024-25


Overall, the metrics showed Ethereum has an advantage over Bitcoin. The price action advantage was BTC’s, though both assets were bearish on the selected timeframes.

A move past the key resistances at $60k and $2.6k could inspire confidence in the crypto markets.

Next: Toncoin’s bullish odds – Addressing if profit-taking and distribution will affect it

READ ALSO

Ethereum Looks Ready To Break Out Of 4-Year Consolidation, Analyst Says Price Will ‘Go Insane’

Binance loses 300K ETH – Here’s what it means for bulls eyeing $2.7K

  • Both BTC and ETH have a bearish outlook based on technical analysis
  • On-chain metrics showed more consistent accumulation for ETH than BTC recently

Bitcoin [BTC] and Ethereum [ETH] were both trading beneath key resistance levels at $60k and $2.6k, respectively, at press time. Their market structures on the 3-day and weekly timeframes were bearish as well.

See also  Bitcoin Takes The Lead As Crypto Funds See Third Straight Week Of Inflows

The rapid sell-off in early August brought panic, but it also presented market participants with the conviction to load up on these top crypto assets. AMBCrypto examined these trends to understand the market sentiment. And, we found that Ethereum had an advantage.

Price action and technical indicators showed seller supremacy

Bitcoin 1-day TradingView

Source: BTC/USDT on TradingView

On the chart, the orange marked the bearish structure break, while the significant lower high at $72k remained undefeated. Combined with the bearish RSI on the D3 chart and the downtrend of the OBV, it is likely that the sellers force BTC below $56.1k again.

The first sign of recovery would be a sustained push beyond $60k. However, at the time of writing, the demand was not present to pull this reversal off.

Ethereum 1-day Chart

Source: ETH/USDT on TradingView

The technical outlook for ETH is even more bearish. The fair value was around the $2.8k region, with the $2.9k Fibonacci level overhead. This spelt huge trouble for Ethereum bulls.

The RSI and OBV indicated bearish pressure can be anticipated. This could pave the way for a move towards $2.2k.

Netflows revealed accumulation trends more consistent for Ethereum

Bitcoin Net flows

Source: CryptoQuant

The hike in stablecoin reserves covered in an earlier report highlighted the climbing buying power in the crypto market. Just after the massive price drop on 5 August, the BTC netflows were negative.

This showed coins leaving exchanges – A sign of accumulation.

Ethereum Netflows

Source: CryptoQuant

Ethereum has also recorded accumulation since late July. Its netflow metric’s downtrend was steadier than BTC’s.

This is a sign that Ethereum’s accumulation proceeded apace while BTC holders wavered more. Alas, it is not a definitive guarantee that Ethereum has been more bullish.

Bitcoin Coinbase Premium Index

Source: CryptoQuant

Finally, the Coinbase Premium for Bitcoin and Ethereum were both positive. This underlined greater demand from U.S.-based investors.

See also  Solana a better version of Ethereum? Arthur Hayes has this to say...

Even so, the premium has fallen for Bitcoin over the past two weeks.

Ethereum Coinbase Premium

Source: CryptoQuant

Meanwhile, the Ethereum Coinbase Premium was slightly more positive, another sign that demand for ETH has been higher over the past ten days than for BTC.


Read Bitcoin’s [BTC] Price Prediction 2024-25


Overall, the metrics showed Ethereum has an advantage over Bitcoin. The price action advantage was BTC’s, though both assets were bearish on the selected timeframes.

A move past the key resistances at $60k and $2.6k could inspire confidence in the crypto markets.

Next: Toncoin’s bullish odds – Addressing if profit-taking and distribution will affect it
Tags: BitcoinBullishEthereumMonthOutlook

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Ethereum crosses $3.2K as L2 crosses new milestone: What now?

Ethereum crosses $3.2K as L2 crosses new milestone: What now?

May 6, 2024

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Magic Eden expands user accessibility with an innovative cross-chain wallet

Magic Eden expands user accessibility with an innovative cross-chain wallet

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Checking the state of Ethereum NFTs as ETH soars toward $4k

Checking the state of Ethereum NFTs as ETH soars toward $4k

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Introduction to Bioniq: The New Bitcoin-based NFT Marketplace

Introduction to Bioniq: The New Bitcoin-based NFT Marketplace

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Someone’s Trying To Buy 1% of Solana’s Circulating Supply From FTX (And the Market Is Loving It!)

Someone’s Trying To Buy 1% of Solana’s Circulating Supply From FTX (And the Market Is Loving It!)

March 8, 2024

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