Crypto traders’ “lack of interest” in dip buying Ether compared to Bitcoin could be the catalyst that sees Ether’s price go higher, says Santiment.
Ether holds a slight edge over Bitcoin in the short-term as social media chatter around the cryptocurrency is less overheated, says sentiment platform Santiment.
“The $ETH crowd hasn’t shown nearly as much bullishness despite significantly better performance over the past 3 months,” Santiment said in an X post on Friday amid the ETH/BTC ratio, which measures Ether’s (ETH) relative strength against Bitcoin (BTC) being up 32.90% over the past 30 days, according to TradingView.
“The current outlook shows a slightly more bullish path for Ethereum due to the lack of interest in dip buying compared to Bitcoin,” Santiment said.
Both Bitcoin and Ether have pulled back since Thursday, when Bitcoin reached a new all-time high of $124,128 and Ether came close to reclaiming its 2021 all-time high of $4,878.
Ether fell just 1.94% short of reclaiming its 2021 all-time high, before retracing down to $4,448 at the time of publication, according to CoinMarketCap.
Meanwhile, Bitcoin is down 5.10% from its Thursday all-time high of $124,128, trading at $117,939 at the time of publication.
Santiment said social media posts were getting overly bullish for Bitcoin at this price level. “We can see that the greed spike on BTC coincided perfectly with the ATH and local top,” Santiment said.
Related: Bitcoin’s all-time high gains vanished hours later: Here’s why
Analysts have been raising targets for Ether in recent times amid a surge in institutional buying and the accelerating adoption of stablecoins following recent US regulatory changes.
Crypto trader Yashasedu said on Tuesday that Ether may climb to over $8,500 if Bitcoin makes a highly anticipated move to $150,000, based on past bull market trends where Ether reaches 35% of Bitcoin’s market cap.
Yashasedu said that if Bitcoin reaches $150,000, then ETH may soar to $8,656.
Meanwhile, Standard Chartered raised its Ether price forecast for 2025 to $7,500, up from a previous $4,000 target.
