ETH is up—does that mean more capital is betting on Ethereum? I still want to look at another chart.
On October 2, a snapshot from Binance’s price page at 16:56 (Beijing time) showed that ETH was $2,754.89, up 2.57% over the past 24 hours. It’s green—yes, that indicates ETH rose against the US dollar. But “ETH is strong” and “ETH outperformed BTC” aren’t the same conclusion.
My view: To judge whether Ethereum is the main character of the market, you can’t just look at ETH/USDT—you also need to look at ETH/BTC during the same period.
If ETH’s USD price rises but $ETH / $BTC falls, then it’s still lagging behind Bitcoin. It may look like it’s rallying, but it could just be following the broader market.
Only if ETH/BTC keeps pushing higher, and during pullbacks it manages to hold higher levels, do we have more reason to discuss ETH’s relative strength. Note: relative strength doesn’t necessarily mean the USD price must rise; it could simply mean it’s falling less.
Tonight, I’m more interested in observing: after volatility expands, is ETH still tracking BTC, or has it started to move to its own rhythm? A brief few minutes of outperformance isn’t enough to prove that capital has fully rotated to Ethereum—and it certainly isn’t enough to directly conclude “the altcoin season is here.”
First distinguish between following and leading, then discuss who the main character in the market is.
When you assess whether ETH is strong or weak, do you focus more on the USD price, or on ETH/BTC?
#以太坊 #行情观察
On October 2, a snapshot from Binance’s price page at 16:56 (Beijing time) showed that ETH was $2,754.89, up 2.57% over the past 24 hours. It’s green—yes, that indicates ETH rose against the US dollar. But “ETH is strong” and “ETH outperformed BTC” aren’t the same conclusion.
My view: To judge whether Ethereum is the main character of the market, you can’t just look at ETH/USDT—you also need to look at ETH/BTC during the same period.
If ETH’s USD price rises but $ETH / $BTC falls, then it’s still lagging behind Bitcoin. It may look like it’s rallying, but it could just be following the broader market.
Only if ETH/BTC keeps pushing higher, and during pullbacks it manages to hold higher levels, do we have more reason to discuss ETH’s relative strength. Note: relative strength doesn’t necessarily mean the USD price must rise; it could simply mean it’s falling less.
Tonight, I’m more interested in observing: after volatility expands, is ETH still tracking BTC, or has it started to move to its own rhythm? A brief few minutes of outperformance isn’t enough to prove that capital has fully rotated to Ethereum—and it certainly isn’t enough to directly conclude “the altcoin season is here.”
First distinguish between following and leading, then discuss who the main character in the market is.
When you assess whether ETH is strong or weak, do you focus more on the USD price, or on ETH/BTC?
#以太坊 #行情观察
