CandleFocus ETH/BTC Ratio Surge May Push Ethereum Price Above $2,900
2024-09-25
Author: Content Editor
Ethereum (ETH) is experiencing a surge in bullish sentiment as Bitcoin's dominance weakens, suggesting investors are shifting focus towards ETH and other altcoins. Ethereum has outperformed Bitcoin over the past week, with the ETH/BTC ratio increasing by 33% and indicating growing preference for Ethereum. The surge in Ethereum's value is partly driven by increased activity among large holders, with a rise in significant transactions involving ETH. The coin's Directional Movement Index (DMI) also supports a bullish outlook, indicating stronger buying pressure than selling activity. If demand continues to grow, Ethereum could break through resistance and trade above $2,900.
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