Ethereum is poised to outperform bitcoin in September and October as it benefits from strong momentum related to a possible exchange-traded fund (ETF) listing, crypto market analysis firm K33 Research said in a report Tuesday.
The deadline for the U.S. Securities and Exchange Commission (SEC) to approve or reject the first Ethereum ETF is mid-October, and the agency’s approval of the product is highly likely.
K33 senior analyst Vetle Lunde explained that the development could push the price of ether higher, noting that bitcoin rallied 60% in the three weeks before the launch of the first futures-based ETF two years ago.
Lunde said ETH is highly likely, calling it a strong relative buy versus Bitcoin, with ETH/BTC trading near 2.5-year range lows with considerable relative upside.