Crypto analysts are seeing signals that Ethereum (CRYPTO: ETH) may soon rally against Bitcoin (CRYPTO: BTC), potentially reversing recent underperformance.

What Happened: According to Lookonchain, a major Ethereum whale with holdings of 398,891 ETH ($1.14 billion) recently sold 29,897 ETH at $2,839 for a profit of $84.7 million (810x return), signaling confidence among some high-stake investors in ETH’s future trajectory. He continues to hold 368,992 ETH ($1.07 billion).

Ethereum has rallied 17% over the past seven days, prompting bullish forecasts from traders and analysts:

• Crypto trader “Astronomer” swapped half of his BTC for ETH, calling it "the meme trade of the year." He points out that while BTC is up 30%, ETH has risen only 10% but predicts Ethereum's rally will follow, targeting a 70% increase in ETH/BTC. He added, "Now that the majority of the BTC dominated move of this breakout leg is taking place, it just comes down to catch the ETH dominated move next."
• Analyst Benjamin Cowen offered a measured take, noting, "If ETH can break its bull market support on weekly closes, my position might change." He continues to hedge cautiously with the ETH/BTC ratio at 0.035.
• Adding to the discussion, Michaël van de Poppe observes, "The markets are rotating, as ETH has a massive bounce upwards." He suggests that if ETH can establish a higher low, it could continue its upward momentum.

Also Read: Bitcoin, Ethereum, Solana Rally Does Not Mean All Cryptocurrencies Will Moon: 10x Research

Why It Matters: This mix of bullish and cautious viewpoints reflects the complex nature of crypto market behaviour, with some analysts seeing Ethereum poised for significant gains. Investors are advised to consider diverse perspectives as the market remains highly volatile.

IntoTheBlock data shows large transaction volume for Ethereum decreased by 0.7% with active addresses up 7.4% and high-value transactions falling from 7,274 to 7,648. Net exchange flows, however, are up by 2,155.7%.

Despite an underperformance of ETH against BTC over the past month, 74% of holders are still making a profit.

What’s Next: The influence of Ethereum as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: 

• Ethereum Whales Wake Up From Slumber To Cash Out $90M Amid Rally, But Indicators Show Sentiment Can Flip

Image: Shutterstock