There are multiple reasons for ETH investors to be bullish, particularly versus Bitcoin.
Ether has seen a 36% year-to-date increase in its price in 2023 in U.S. dollar terms. This recovery, however, is modest given that ETH is currently trading 66% below its November 2021 peak of $4,870.Moreover, on Sept. 20, Ether reached its lowest levels against Bitcoin in 14 months, breaching the critical 0.06 BTC support. This has raised questions among Ether investors about the factors behind this price decline and what it will take to reverse the trend.
However, this optimism was short-lived, as ETH's price promptly fell back to the same $1,850 level just a week later. Given that the Ethereum network's planned developments have generally been on track, albeit with the customary delays, investors now need to explore other potential catalysts for reversing the current downtrend in Ether's price relative to BTC.One of these potential catalysts lies in the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission , which could significantly impact Ether's price momentum..
ANALYSIS: I've reviewed the district court ruling on XRP and it rests on very shaky ground. Expect an appeal.