Ethereum (ETH) continues to absorb Bitcoin (BTC) selling pressure in November, looking at its price action at the time of writing on November 24th. On the daily chart, ETH bulls dominate, rising about 9% versus BTC from the October low.
Ethereum Surpasses Bitcoin in November
ETH buyers are holding firm and price action is still locked within the prominent bull market of November 9th. Despite bears forcing prices lower in the second week of November, the failure of BTC bulls to reverse all losses suggests that ETH buyers are still in charge.
If anything, prices could rise in the coming days, helping Bitcoin reverse most of its losses from 2022 when the collapse of the altcoin market drove capital out of the world’s most valuable currency.
With Ethereum being so resilient, the performance of the ETH/BTC chart gives us a hint that altcoin season may be in its early stages. If so, the moratorium applies to ETH and other altcoins, including Cardano (ADA).
After the 2022 decline, most altcoins capitulated, with most of them down more than 80% from their 2021 highs, freezing their gains as the cryptocurrency winter progresses. The situation worsens in 2023 as regulators continue enforcement actions against CeFi facilitators, primarily exchanges such as Binance and Coinbase.
Their decision had a negative impact on liquidity, as seen in other popular altcoins such as Solana (SOL). ETH continued its upward trend in late November, with its spot rate remaining relatively firm compared to BTC. This could indicate that demand is starting to shift towards altcoins, with ETH, the most liquid of them all, leading the way.
Other altcoins tend to recover faster due to their relatively thinner liquidity, but they are generally in line with ETH. If ETH’s resurgence continues, the upward trend may be accelerated by several macro tailwinds, as can be seen from the candle arrangement on the daily chart.
BlackRock Files Spot Ethereum ETF, Will ETH Hit $26,800?
In November, BlackRock, one of the world’s largest asset managers, applied for a spot Ethereum ETF. This comes as the broader cryptocurrency market expects the Securities and Exchange Commission (SEC) to approve the country’s first spot Bitcoin ETF. This application indicates BlackRock’s confidence in Ethereum’s investment products.
Additionally, Token Terminal, an on-chain analytics platform, recently released a bold report predicting that ETH will reach $36,800 by 2030. Token Terminal expects Ethereum to handle more than $14 trillion in financial industry value over the next seven years.
Ethereum is likely to dominate at this pace, thanks to the rapid growth of decentralized finance (DeFi) and other cryptocurrency subsectors.
Featured image from Canva, chart from TradingView