- Analyst Rager highlights Ethereum’s continued downtrend against Bitcoin, despite sporadic rallies.
- Recent SEC delays in approving Ethereum ETFs add to uncertainty surrounding the altcoin’s trajectory.
- Rager identifies the gaming sector within crypto as a potential catalyst for market growth in 2024.
Ethereum (ETH) has been a subject of intense speculation, particularly with the anticipation surrounding the potential approval of spot market ETH exchange-traded funds (ETFs). However, a prominent crypto analyst, known by the pseudonym Rager, is cautioning investors about Ethereum’s prospects relative to Bitcoin (BTC).
Rager, who commands a sizable following of 199,400 on X, a social media platform, has been closely monitoring the Ethereum versus Bitcoin (ETH/BTC) chart. Despite intermittent signs of resurgence, Rager observes that ETH/BTC remains entrenched in a long-term downtrend, a trend that persisted even after a brief rally earlier this month.
“ETH hasn’t been a favorable trade against BTC for quite some time now,” Rager remarked, highlighting a fleeting three-day uptick in early January as an exception. “The downtrend persists unless Ethereum demonstrates notable strength. The postponement of the spot ETF approval by the SEC certainly hasn’t aided its case.”
Last week, the U.S. Securities and Exchange Commission (SEC) deferred its decision on approving or rejecting Grayscale’s proposal to transform its Ethereum Trust (ETHE) into an ETF. Similarly, the regulator postponed a decision on Nasdaq’s bid to list and trade BlackRock’s iShares Ethereum Trust.
Despite these headwinds, Rager maintains a bullish long-term outlook on the crypto markets. He anticipates that crypto assets will eventually witness substantial price appreciation, transitioning into what he terms “easy mode,” characterized by smoother market dynamics.
Moreover, Rager identifies a particular sector within the crypto space that he believes will inject significant momentum into the markets.
“The focus is shifting from mere ‘crypto gaming’ to high-quality gaming within the crypto realm,” Rager asserted. “A handful of top-tier games will exert the most significant influence on this burgeoning market and industry.”
He offered a word of advice to investors, hinting that not all top-quality games have been unveiled yet but are slated for release in 2024, signaling potential opportunities for savvy market participants.
Disclaimer: Please note that the viewpoints and perspectives expressed by the author, as well as any individuals referenced in this article, are intended solely for informational purposes. They should not be construed as financial or investment advice. It’s important to acknowledge that investing in or trading cryptoassets carries inherent financial risks.