Ethereum Price Prediction as Bloomberg Analyst Expects ETH to Outperform BTC in the Next Bull Market – Time to Buy?
The ethereum price has risen by 0.5% in the last 24 hours, slightly exceeding the wider cryptocurrency market's increase over the same period. At $1,215.91, its current price represents a 7.5% drop in a week and 6% gain in a month, with these movements coming at a time of ongoing instability for the market, which continues to be plagued by rising interest rates and fears surrounding the financial health of various trading platforms.
Despite the continued uncertainty, some analysts are confident that ethereum (ETH) will perform strongly when wider market conditions improve. In fact, yesterday saw Bloomberg analyst -- and noted bitcoin bull -- Mike McGlone predict that ETH is likely to outperform BTC during the next bull market, as suggested by its relative outperformance of the original cryptocurrency since 2021.
ETH's chart suggests an increase in momentum and a potential end-of-year rally. Its relative strength index (purple) has risen from 40 in the past couple of days, indicating an increase in upwards buying pressure.
Similarly, ETH's 30-day moving average (red) has begun climbing towards its 200-day average (blue), something which potentially heralds a breakout rally if it crosses the longer term indicator.
Regardless of when exactly ETH moves from its current level, analysts are confident that it will beat many other coins during the market's next bull phase. As stated above, this is the opinion of Bloomberg's Mike McGlone, who tweeted yesterday that the ratio of ETH's price to BTC's has been more or less increasing since early 2021, during the previous bull market.
McGlone expects this trend to continue once the cryptocurrency market (and global economy) becomes more bullish again, and it's certainly arguable that
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