Ethereum tends to outperform in Q1, suggesting imminent breakout
|- Ethereum price trend presents quarterly seasonality, historically this has preceded a breakout.
- Ethereum has outperformed Bitcoin in every first quarter of the year, except 2019.
- Vitalik Buterin recently revealed two big upgrades that could push the altcoin to survive multiple generations.
- Analysts have evaluated the Ethereum price trend and predict the altcoin is showing strong bullish potential.
Historically, Ethereum has outperformed Bitcoin in Q1 of the year. Proponents expect the altcoin to stay consistent with its performance from the previous years.
Ethereum could dominate Bitcoin in Q1 2022
Though Bitcoin is the dominant cryptocurrency, Ethereum remains the top performer in the first quarter of the year, historically. Proponents believe that the altcoin has the potential to dethrone Bitcoin in 2022.
The Ethereum network is currently plagued by slow transaction speeds and high transaction fees. Analysts expect this trend to break through the launch of Ethereum 2.0. The upgrade from Proof-of-Work (PoW) to Proof-of-Stake (PoS) is expected to boost the altcoin’s utility.
Analysts have evaluated the Ethereum price trend and observed that Ethereum price looks strong against Bitcoin. It could drop lower before further upside. From analysing a higher time frame they believe Ethereum could reclaim $4,000.
@IncomeSharks, crypto analyst and trader is holding spot Ethereum buys. The analyst believes that there is no reason to break the support.
$ETH - Still holding my spot buys. See no reason to sell yet but if we break this support I'll start de-risking to buy back lower. For now I'm still leaning that we go up (green line). Just might chop a little longer first. pic.twitter.com/EaV1zebHhS
— IncomeSharks (@IncomeSharks) January 4, 2022
$ETH - Still holding my spot buys. See no reason to sell yet but if we break this support I'll start de-risking to buy back lower. For now I'm still leaning that we go up (green line). Just might chop a little longer first. pic.twitter.com/EaV1zebHhS
— IncomeSharks (@IncomeSharks) January 4, 2022
@CarpeNoctum, an analyst and trader, has noted Ethereum’s quarterly seasonality. Though Bitcoin had an extremely strong Q1 in 2021, proponents expect the altcoin to outperform the asset.
Olszewicz concluded from his technical analysis that the Ethereum trend hasn’t changed since November 2021, it still looks better than Bitcoin under $3,100. The messy pattern in Ethereum price trend was invalidated.
some notes on quarterly seasonality
— Josh Olszewicz (@CarpeNoctom) January 3, 2022
- $BTC had an uncharacteristically weak Q4
-$BTC had an extremely strong Q1 2021, but most Q1s have been much weaker
- $ETH has outperformed $BTC in every Q1, except 2019
- $ETH outperformed $BTC in Q4 for the first time ever pic.twitter.com/EBPF33Qt1W
some notes on quarterly seasonality
— Josh Olszewicz (@CarpeNoctom) January 3, 2022
- $BTC had an uncharacteristically weak Q4
-$BTC had an extremely strong Q1 2021, but most Q1s have been much weaker
- $ETH has outperformed $BTC in every Q1, except 2019
- $ETH outperformed $BTC in Q4 for the first time ever pic.twitter.com/EBPF33Qt1W
FXStreet analysts believe that Ethereum is primed for a 50% breakout to $6,300.
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