As Bitcoin slowly but surely approaches its current cycle highs, it is necessary to think about the potential of the premier alternative crypto asset.
As Bitcoin approaches its peak values, expected when the USDT.D index reaches a range of 3.77%-3.84% (which, by the way, is already approaching, approximately $73,500), the real possibility of redistributing liquidity towards Ethereum is becoming increasingly obvious. This is due to the potential growth of Ethereum to the level of $7,000 and even higher. There is a lot of data related to Ethereum on this subject:
The ETH/BTC chart has been consolidating in a range of 60% since May 2021, which is reminiscent of the period before the previous rise of alternative cryptocurrencies in the summer of 2022. We see that the price is squeezed at the bottom of the accumulation structure, forming a diamond MM pattern. An increase to 0.09900-0.1 BTC per 1 ETH is possible while maintaining close to the peak values ââof Bitcoin ($70,000+), which will allow reaching a level of $7,000 per 1 ETH and even higher. The Ethereum dominance index ETH.D also suggests an exit from the consolidation movements starting May 2021. An increase of up to 30.8% is possible, compared to the current value of 18.4%.It is worth noting that the Tether issuer has practically exhausted the limit for bringing assets to the market, which supported Bitcoinâs position. Now itâs USDCâs turn, which sends its funds to Ethereum.
" Where to go?",
11 billion USDC is expected to be put into circulation. It is expected that if this is not enough to inflate the Ethereum bubble, even more funds will be invested.
The expected price movement for Ethereum will create favorable conditions for strong growth in alternative cryptocurrencies. Bitcoin's approach to the high marks the beginning of a larger phase of the market.
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