Ethereum (CRYPTO: ETH) is trading in the green on Wednesday, outperforming the wider cryptocurrency market, amid a couple of bullish stances taken by analysts.
What Happened: Ethereum could shoot past Bitcoin (CRYPTO: BTC) to emerge as the dominant store of value in the cryptocurrency sphere, according to a Goldman Sachs note, reported Business Insider.
The global investment bank said in its note that ETH “currently looks like the cryptocurrency with the highest real use potential as Ethereum, the platform on which it is the native digital currency, is the most popular development platform for smart contract applications.”
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The view that ETH could gain ground against BTC was also held by market analyst Michaël van de Poppe, who theorized on Twitter that ETH/BTC rate will rise from the present 0.05-0.06 BTC levels to 0.07 levels.
Poppe is basing his thesis on ETH/BTC support level at 0.063 BTC. The analyst expected that if the floor held, 0.075 could be achieved.
#Ethereum is continuing the run against the $BTC Pair.
A beautiful flip of the 0.063 regions and crawling upwards at this stage.
As long as 0.063 holds, I’m expecting continuation to 0.075. pic.twitter.com/Z2cuqzdou9
— Michaël van de Poppe (@CryptoMichNL) July 5, 2021
ETH traded 2.63% higher at $2,385.78 at press time over 24 hours. The second-largest cryptocurrency by market cap is up 11.31% over a seven-day trailing period. Against BTC, ETH rose 2.4% over 24 hours.
Ethereum is showing strong technicals against Bitcoin as of press time, with an RSI of 61.46, as per Trading View data. The ETH/BTC pair is trading above the simple and exponential 30-day and 200-day moving averages.
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