Why Bitcoin (BTC) and Ethereum (ETH) May Choose Different Paths

• ETH liquidations were almost five times that of BTC in the last 24 hours.
• The AO and RSI indicated a decline in ETH’s momentum, opening the floor for BTC to continue its reign.
• If the ETH spot ETFs begin trading live, the altcoin’s price could head to $4,500.

The correlation between Bitcoin (BTC) and Ethereum (ETH) continues to whisk further apart with the latter failing to take dominance of BTC. At the beginning of the year, one BTC would have cost roughly 14 ETH.

However, altcoin’s unimpressive price action has ensured that 1 BTC equals 18 ETH. At press time, Bitcoin’s price was $67,628 while ETH was valued at $3,789. The different directions the cryptocurrencies headed were also reflected in the market liquidation.

According to Coinglass, $14.12 million worth of ETH contracts were wiped out in the last 24 hours. Most of these positions were longs. However, Bitcoin liquidations were lower at $3.20 million, of which most were short positions. 

Coin Edition looked at the ETH/BTC chart which is an important metric in the crypto market…

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