Spencer Noon, head of DTC Capital, who predicted Ethereum to outperform Bitcoin from July 2020 end. Recently, announced on Twitter that the ETH coin is done pushing higher now and would slide down in mid-October or the time being.
The crypto-asset analyst had asserted that Ethereum’s fundamentals are strong despite recent weakness in the market for the ETH coin. Spencer Noon reported that Ethereum now dwarfs Bitcoin in daily total USD fees paid due to the growth in the decentralized finance (DeFi) space. The contract calls of 115 million by ETH addresses in September 2020 led to the rise in the miner fee metric in the case of Ethereum.
Ethereum investors had many reasons to be excited, from the infrastructure boom to scaling solutions.
— Spencer Noon (@spencernoon) October 14, 2020
Ethereum performance as compared to Bitcoin
Investors enjoyed the rally in Ethereum over the past few months. ETH has strongly outperformed Bitcoin due to a rise in buying demand linked to trends in the decentralized finance space. Also, the realization among investors of its undervaluation against Bitcoin (BTC).
The rally allowed the ETH/BTC to push higher, meaning that each ETH bought users more BTC. The ETH/BTC gained around 70% from the lows in mid-June 2020. Moreover, some think that this outperformance is a sign of a macro rally in Ethereum. And may begin to disrupt on Bitcoin’s market share, the short-term downside is much expected though.
Ethereum Analysis by Other Crypto-Asset Traders
One of the crypto-asset traders recently tweeted that the Ethereum asset does not look promising against Bitcoin as it has moved under consolidation. Ethereum is in the formation of consistent lower lows and lower highs for some weeks into October 2020. This trend suggests that the coin will soon plunge by 10-20% against Bitcoin.
The analyst who shared the prediction is the same one that in the middle of 2018 predicted that Bitcoin would bottom at $3,200. He was proven almost exactly correct just months later when the cryptocurrency reached an ultimate low of $3,150 on leading spot exchanges. He has also called short-term price trends to good accuracy.