Ethereum may surpass bitcoin in the near future

Crypto industry analysts note: Ethereum ETH $2,683.51 Bridged Ether (StarkGate) -0.91% Market capitalization $0.2 billion VOL. 24 hours $0.36 billion is showing signs of recovery as bulls try to capitalize on the decline in bitcoin’s dominance BTC $65,677.90 Bitcoin -0.32% Market capitalization $1.3 trillion VOL. 24 hours $0.6 billion . Over the past few months, there has been a clear correlation between the growth of BTC’s dominance and the fall in ETH’s price. However, in recent days, bitcoin’s dominance has begun to decline, which has brought additional support for the growth of the Ethereum price.

Over the past week, ETH has risen by 16%, leaving behind a period of stagnation. According to the data, starting in September, large holders (whales) began to actively accumulate ETH. In particular, whales' balances increased by 360,000 coins, which is equivalent to $ 949.68 million at current prices. This indicates a significant interest in the asset among large investors, which contributes to its growth.

During September, there was also a sharp jump in incoming transactions by large holders, which increased the overall demand for the coin. However, although ETH is currently on an uptrend, a price correction is possible in the near future, especially in the area between $ 2,800 and $ 2,900, where the price has previously encountered resistance.

At the time of writing, the Relative Strength Index (RSI) for ETH was 60.03, which indicates that the asset is not yet overbought, but as it approaches the $ 2,900 level, there may be additional selling pressure due to profit-taking.