CandleFocus ETH/BTC Trading Pair Highlights Bitcoin’s Dominance, But Will the Fed Rate Cut Change the Trend?
2024-09-11
Author: Content Editor
The article discusses the analysis of two crypto experts regarding the price and potential recovery of Ethereum (ETH). Benjamin Cowen identified a wedge chart pattern that suggests ETH may see a bottoming structure similar to previous cycles, especially with an impending interest rate cut. Meanwhile, Michaël van de Poppe identified a bullish divergence on the ETH chart, signaling a potential break of the downward trend. Despite underperforming compared to Bitcoin (BTC), ETH has shown some resilience by bouncing off strong support levels. However, there are concerns over diminishing network fees and an inflationary supply issuance, partly driven by Coinbase's support for EIP-4844. On a positive note, Ethereum has experienced a four-month high in network growth, with over 126,000 new wallets created in a day, indicating rising network utility and potentially leading to a price recovery.
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