Ethereum price rises against Bitcoin, but correction threatens

The Ethereum price is showing its strongest rise against Bitcoin in over a year. Analyst Michaël van de Poppe has spotted this move, but at the same time warns that a temporary correction is looming before altcoins can truly break higher.

Ethereum is available at OKX and Bybit.

First real upward move in more than a year

Van de Poppe states that the ETH/BTC price is finally making a significant move higher after a long period of downward pressure. The chart clearly shows the price shooting up from a higher timeframe support zone, after months of decline from around 0.038 BTC to a low near 0.026 BTC.

Many altcoin investors still bear the scars of that prolonged downtrend. Van de Poppe acknowledges that altcoins have had a hard time and that a large part of the market remains cautious due to those bad experiences.

Bitcoin breakout could temporarily pressure altcoins

In the short term, Van de Poppe expects a consolidation and slight correction of the ETH/BTC pair. The reason is his expectation that Bitcoin is about to make a strong upward breakout. Bitcoin is currently at $64.000, a decline of 1.1% in the last 24 hours.

Historically, such a Bitcoin breakout almost always causes most altcoin pairs relative to Bitcoin to temporarily decline. Capital first flows into Bitcoin before then flowing into altcoins. Van de Poppe therefore expects that after the Bitcoin move, money will again flow toward the broader altcoin market, offering a new opportunity for coins like Ethereum.