Analyst sees Ethereum first to outperform Bitcoin to new ATH

ETH/BTC holds local support with “untapped liquidity” on the upside, indicating stronger upside potential for Ethereum than Bitcoin.

A crypto commentator claims that Ethereum (ETH) is positioned to outperform Bitcoin (BTC) and regain its all-time high (ATH) before the market leader does.

This view has emerged as both digital assets test crucial support levels following a sharp market-wide correction.

Technical reason

In a series of posts on X, analyst CrediBULL says Crypto constructed a detailed argument for ETH’s potential outperformance. They suggested that Ethereum could soon find a market bottom and then initiate a more powerful upward move than BTC.

This assessment highlights two key chart observations: the ETH/BTC trading pair holds local support with significant “untapped liquidity” on the upside, and individual Ethereum charts show a more favorable liquidity setup compared to Bitcoin.

“Combining these two, we can conclude that if we hit the bottom here quickly, ETH is more likely to reach a new ATH before $BTC,” the trader wrote.

However, according to CrediBULL, many traders dismiss this option due to the inability to properly analyze charts or because the prevailing negative sentiment has clouded their judgment.

Fellow expert Michaël van de Poppe supports the idea of ​​a potential market turnaround, noting that the Crypto Fear & Greed Index recently hit a nine-month low, indicating extreme fear. Based on historical data, such sentiment often comes just before a recovery.

Furthermore, Van de Poppe confirmed that a major CME gap for Bitcoin, around $91,500, has been filled. From a technical perspective the analyst marked that the gap between Bitcoin’s price and its 20-day moving average is quite large, which also usually precedes an upswing. As such, he expects a period of consolidation before a further increase occurs.

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Pressure affecting ETH and BTC

Looking at the markets, Bitcoin is currently trading around $93,000, down about 11% over the week. Meanwhile, ETH has faced even greater pressure, changing hands to near $3,150 after falling 12% in the past seven days.

There appear to be several forces driving this sell-off for each asset. For Ethereum, on-chain data shows substantial selling by large holders, with a November 18 report showing that wallets holding 1,000 to 10,000 ETH sold around 230,000 coins in the past week, coinciding with the price drop from around $3,600 to just over $3,200.

Additionally, a lack of new investors could slow momentum. An analysis of CryptoQuant indicates that new saver activity on the Ethereum network has remained flat, even during the recent test of $4,000-$5,000. This suggests that the rally was fragile and likely driven by internal liquidity rather than new external demand.

At the same time, for BTC, the price difference between Coinbase Pro and Binance, known as the Coinbase Premium Gap, has fallen to -$90, near the lowest level this year. This indicates that retail traders on Binance are currently dominating the market, while institutional investors on Coinbase are inactive or selling. Such a shift often leads to increased volatility and selling pressure until larger buyers return.