Chris Burniske predicts a breakout of Ethereum (ETH) against Bitcoin (BTC)
Former head of crypto analysts at ARK Invest, Chris Burniske shared his outlook on the price action of Ethereum (ETH) against Bitcoin (BTC). According to the expert, after two years of consolidation, the market’s leading altcoin is ready to make a breakthrough against the market’s leading cryptocurrency.
After almost 2 years of consolidation, $ETHBTC is ready for a monthly breakout. pic.twitter.com/btUzBP9Ew5
— Chris Burniske (@cburniske) February 27, 2023
The last time Ethereum saw such a price surge was in May 2021. Then, in just over a month, ETH gained over 150% against BTC, after being in consolidation for 931 days ago.
If the outbreak that Burniske talks about actually happens, it can be assumed that it will be smaller than last time, given that the current consolidation lasts a third of the days of the previous one and, therefore, the amount of “energy ” Accumulated is also lower.
Ethereum versus Bitcoin
Equally interesting is whether Ethereum will renew its all-time high against Bitcoin in the event of a potential influx of liquidity. Currently, this mark is set at 0.1564 BTC per ETH, which is 123% higher than the current price of the altcoin.
Finally, a potential price breakout will answer the question of how close the “reversal” is. There has been talk of Ethereum displacing Bitcoin from the throne of the largest cryptocurrency ever since the market itself emerged, but at the moment ETH is still only 43% of BTC by market capitalization.