Why is the Ethereum price not trading at $4000 while Bitcoin managed to hit highs close to its ATH? This is the major concern that has created a huge buzz in the crypto space as the ETH price continues with its low-pace rally. The volatility appears to have dropped to a large extent, due to which the price is not receiving the required boost, although the rally remains under bullish influence.
Now the question arises: when will the ETH price initiate a strong rally and form a new ATH above $5000?
The weekly chart of ETH against BTC displays a heavy accumulation, which has intensified in the last six months. The price has been trading with lower support since the beginning of Q4 2023, while the second-largest token gained some strength against USD. Now that BTC dominance is soaring, the crypto is showing extreme strength against Ethereum, which has hindered the progress of the rally.
However, the RSI is incremental, which suggests the pair could maintain a healthy consolidation for a while, followed by a bullish breakout. The ETH price is trading just 25% below its ATH, which suggests the bullish upswing may elevate the price soon after the ETH/BTC breaks out of the multi-year decisive symmetric triangle.
This may happen after a brief retracement following the Bitcoin halving event, where the Ethereum (ETH) price and all the other altcoins are expected to thrive. Hence, a popular analyst, anonymously known as Wolf, believes the highs of the ETH bull run could be somewhere between $10,000 and $15,000.