ETH/BTC Pair Eyes Major Breakout With Ethereum ETF on Horizon, What’s Next?

Alongside Bitcoin, Ethereum faced selling pressure, falling below $3,400. Despite a weekly decline of 3.5% compared to Bitcoin’s 5.8% decline, ETH held up relatively well against BTC. Technical charts indicate that the ETH/BTC pair is on the verge of a major milestone, coinciding with the upcoming launch of the Ethereum spot ETF next week.

Will ETH Price Rise With Ethereum Spot ETF Approval?

Crypto market analyst Ali Martinez has shown that ETH/BTC is finally breaking above the 365 simple moving average. This development shows an early sign of the impending altcoin season.

Cryptocurrency analyst Michael van de Poppe also shared a similar view, saying that the bull market has already started and it would gain significant momentum if Ethereum price breaks the 0.06 level BTC.

By crossing these key levels, Poppe expects a significant influx of capital into the Ethereum ecosystem. The launch of the Ethereum spot ETF next week in the United States could prove to be a major catalyst in that direction.

Read also: PEPE Whale Focuses on Ethereum as ETF Optimism Grows

Poppe added that the Ethereum ETF

remains the most underrated and underappreciated event of the year. He added that unlike the Bitcoin ETF, there is not the same enthusiasm for the approval of the Ethereum ETF. “The Ethereum ETF is basically all upside down. Zero expectation, zero hype, what if there is any expectation,” Poppe wrote.

Poppe said that while the Ether ETF is likely to attract fewer inflows compared to the Bitcoin ETF, it could have a significantly larger impact “because Ethereum’s stock-to-flow is lower than Bitcoin’s due to the huge amount of Ether staked and Ethereum’s deflationary concept.”

The entire Ether ecosystem will benefit from this.

Poppe believes that as the ETH/BTC priceIf the price goes up, the entire Ethereum ecosystem would benefit, driving more usage, liquidity, and developers towards it.

Popper also explained that altcoin cycles typically show weaker performance in the first half of the year. However, starting in June, the cycle will reverse and momentum will strengthen in favor of altcoins with higher return opportunities.

Read also: Are Spot Ethereum ETFs Expected to Launch in 14 Days After S-1 Amendments?

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