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- Analyst Adriano Feria points out growing institutional interest in Ethereum, citing Michigan’s State Fund’s significant ETH investments and predicting that regulatory shifts.
- Ethereum’s recent price action shows bullish momentum, with technical indicators suggesting further gains if ETH maintains support above $2,800.
Following Donald Trump’s victory on November 6, the Bitcoin price touched new all-time highs shooting past $75,000 with investors turning bullish for the world’s largest crypto asset. However, some market analysts believe that while the greater focus is on Bitcoin under the Trump administration, Ethereum (ETH) might actually outperform in the next four years.
Analyst Adriano Feria recently highlighted some noticeable trends predicting that ETH dominance can grow over BTC in the coming years. According to Feria, Donald Trump owns more ETH than BTC and has shown his preference for the network by launching his NFT collection and a DeFi project on Ethereum rather than Bitcoin.
Additionally, the analyst also predicted that Michigan’s State Fund, the most recent U.S. government agency to invest in crypto, allocated significantly more funds to ETH than to BTC. Thus, he said that the institutional interest in Ethereum is also picking up simultaneously.
Feria also pointed to the shifting regulatory landscape, predicting that SEC Chair Gary Gensler’s removal and the end of Operation Chokepoint could lead to a more favorable environment for Ethereum over Bitcoin.
Given these developments, Feria argues that those expecting the next four years to be more bullish for BTC than ETH are “delusional”. Thus, he suggested that Ethereum’s trajectory may outperform Bitcoin in the near future.
Trump owns more $ETH than $BTC.
He launched an NFT collection on ETH, not BTC.
He also launched a DeFi project on ETH, not BTC.
The last U.S. government agency to allocate money to crypto was Michigan's State Fund, which bought significantly more $ETH than $BTC.
Gensler is… pic.twitter.com/6GeOuavHgk
— AdrianoFeria.eth 🦇🔊 🛡️ (@AdrianoFeria) November 6, 2024
Ethereum Price Gives Strong Moves while Bitcoin Rests
A day after the US election results, the Bitcoin bulls took a pause with the BTC price flirting around $75,000. However, investors have now shifted their focus to the world’s second-largest cryptocurrency Ethereum.
For the past several months, the ETH/BTC pair has been heading lower with the Ethereum dominance dropping from 18% earlier this year to now under 13% of the overall crypto market. On the other hand, Bitcoin’s dominance has shot past 60% with the recent rally.
However, with today’s rally, the ETH/BTC pair has picked up after hitting the bottom of 0.035 recently. Although it is early to generate some hope, it still needs to cross the 50D SMA in order to confirm the uptrend.
I would watch #ETH / #BTC here.
If it can get above the 50D SMA, the there is a good chance that ETH/BTC has bottomed. pic.twitter.com/dXNYj2sDvY
— Benjamin Cowen (@intocryptoverse) November 7, 2024
However, the most important thing is that the Ethereum price is showing strength on the technical chart while giving a breakout above the downward slope trendline. As far as the bulls manage to hold above $2,800 levels, this rally can continue further from here. Popular crypto analyst IncomeSharks reported that the ETH price can rally 75% as far as it holds the support on the trendline, per the CNF report.
$ETH – Breakout. 75% move from here to an all time high. $3k first. pic.twitter.com/29KJzgk4Ex
— IncomeSharks (@IncomeSharks) November 7, 2024
Of course, the immediate target for this will be $3,000, which can be achieved after Ethereum breaks through the $2,840 resistance. However, one area where investors need to keep an eye on is that the dormant Ethereum whales have been offloading ETH amid this current rally, reported CNF.
