Veteran trader John Bollinger signals concern over Ethereum’s lag despite Bitcoin’s rally.
Bollinger Comments on Bitcoin and Ethereum Divergence
Veteran trader John Bollinger analyzed Bitcoin’s bullish price action after its record-breaking rally. While Bitcoin erased bearish signals on Bollinger Bands, Bollinger expressed concern over Ethereum’s lackluster performance. He remarked, “Consolidations create potential negatives. That sort of thing is normal in up trends.”
Ethereum’s Struggles Raise Concerns
Unlike Bitcoin, Ethereum remains in the red, dropping 0.1% on Tuesday and nearly 5% over the past week. The ETH/BTC pair hit a multi-year low of 0.033 BTC. Bollinger noted, “For now, it is just a warning, but I am more comfortable with the rising tide lifting all the boats.”
Impact of Ethereum ETF Outflows
Ethereum’s underperformance coincides with $39.08 million in spot ETF outflows on Monday, adding to its struggles. This contrasts with Bitcoin, which saw a 4% surge and reached $94,000 on Kraken after the launch of IBIT options.
Dogecoin Shines Amidst Altcoin Slump
Among altcoins, Dogecoin stood out with a 10% gain in 24 hours, surpassing Bitcoin’s performance. Most other altcoins are underperforming, amplifying concerns about market-wide trends.
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