Ethereum is currently struggling to rise alongside Bitcoin (BTC) and Dogecoin (DOGE). The second-most popular digital currency has recently encountered a resistance level that has yet to influence investors positively. However, Bitcoin and Dogecoin remain bullish on market trends and outperform Ethereum.
Given Ethereum’s underperformance, Billy Markus, the creator of Dogecoin, commented on its latest price action in an X post on Wednesday. Markus posted a chart showing Bitcoin and Dogecoin in the green while Ethereum turned red, highlighting Ethereum’s poor performance and thus contributing to the discourse of its future.
Ethereum Struggles with Resistance
Since the weekend, Ethereum has tried to overcome the $3,215 barrier and rose to $3,225 on Monday at some points. While Ethereum gained 6.8% from Friday to Monday, it has since pulled back to the $3,080 level, trading near $3,101 as of press time. This volatility is due to Ethereum’s failure to maintain its bullish pressure, while Bitcoin and Dogecoin perform better.
Ethereum Whale Activities Spike During Bullish Trend
However, Bitcoin has given a very strong signal in the last few days. Bitcoin climbed 7.13% by Tuesday, hitting $93,985 before reverting some gains. Ethereum’s competitor, Dogecoin, also performed better, climbing by almost 21% from Sunday to Tuesday. It touched $0.42 and has fallen back to $0.389 as of press time.
Ethereum Breakout Potential
Crypto analyst Ali Martinez said ETH might still be better than BTC and may go up to $4,000 or $6,000. Martinez cited the increase in the whale activity, where large investors bought more than $1.4 billion worth of Ethereum in the last couple of weeks. These are signs that Ethereum may be on the verge of experiencing a breakout.
The Ethereum held on derivative exchanges spiked to a record high of 11.28 million in a year, indicating traders are positioning for price swings. Such speculation and open interest growth suggest that Ethereum can continue to move further even after the recent failures.
