Ethereum will surpass Bitcoin in the long term
The Fidelity Digital Assets report shows that from next year we will see an improvement of the cryptocurrency with respect to Bitcoin
The “Q2 2023 Signals Report” by Fidelity Digital Assets, which was published on July 18, presents an optimistic outlook for Ethereum both in the coming year and in the long term. Although the investment firm shows short-term bullish sentiment on Ethereum, it does not see the one-month bullish channel as sustained. According to the Fidelity report, the net issuance since the Merger in September 2022 resulted in a supply decline of more than 700,000 ETH.
Analysts also highlight data provided by Glassnode, which shows an increase in the number of Ethereum addresses that have transacted for the first time. This steady growth in adoption of the Ethereum network is seen as a positive indicator for its future.
Furthermore, the report reveals that a staggering 47% of investors surveyed expect Ethereum to outperform Bitcoin in the future. However, it should be noted that the survey did not ask about the possibility of any other cryptocurrency surpassing Bitcoin at some point, so respondents did not necessarily assign high probabilities to this scenario.
Despite recurring high gas fees and a lack of interest from leveraged buyers, Fidelity offers strong reasons to remain bullish on Ether price performance over the next 12 months. However, in the short term, the signs point to a higher probability of the Ether price breaking below the channel support.
K. Tovar
Source: FidelityDigitalAssets
(Reference image source: Unsplash+)
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