It's no secret that Ethereum's price performance has been relatively underwhelming in the past 1-2 years, lagging behind the broader market.
A more clear picture emerges when we examine Ethereum's performance against Bitcoin.
On a weekly timeframe, the ETH/BTC chart reveals a long-term uptrend channel. However, within this uptrend, the pair has been in a downtrend since December 2021.
Essentially, the price has been moving from the upper boundary of the uptrend channel towards the lower boundary. It appears to have reached this lower boundary recently.
This suggests that Ethereum might be poised for a period of outperformance relative to Bitcoin.
Note: This doesn't imply a massive shift of capital from Bitcoin to Ethereum. Rather, it suggests that Ethereum could potentially appreciate at a faster rate than Bitcoin. The conditions for this shift may be maturing.
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