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ETH/BTC ratio via Binance
Within hours of the US SEC approving the first spot Bitcoin ETF for trading, the Ethereum price exploded to reclaim the $2,600 level, and the ETH/BTC chart now looks set to break out of a 12 month downtrend.
After lagging Bitcoin throughout 2023, this week’s ETH/BTC candle is the largest since July 2022, bouncing back above the 21 weekly moving average.
Ethereum Beta Plays As ETH Price Rises
Many on crypto Twitter – ‘CT’ – now expect attention to move from BTC to ETH in anticipation of an Ether ETF, and for altcoins to also catch up – especially tokens related to Ethereum.
So CT collectively decided to buy ETH & eth related beta tokens
— Romano (@RNR_0) January 10, 2024
ETH and derivatives are seeing the ‘largest smart money inflows’, according to Nansen analyst Martin Lee.
We’ve listed some of the top traders’ picks for ETH beta coins, cryptos that could benefit the most from the Ethereum price outperforming:
Optimism
Popular trader Bluntz (formerly known as ‘Smart Contracter’) is watching Layer-2 blockchain on Ethereum, Optimism (OP).
eth beta showing its hands again$OP $ARB $LDO pic.twitter.com/3fpvSl6Yfc
— Bluntz (@Bluntz_Capital) January 10, 2024
In a follow up tweet the analyst forecasts that $OP could break out above its all-time high as soon as this weekend, after ‘consolidating under ATH resistance’.
Arbitrum
Bluntz and others are also watching Arbitrum (ARB), and popular YouTuber Mayne opened a long position yesterday before the ARB price exploded over $2.20.
Pick your poison on $ETH today.
Managed to choose one of the higher beta plays. pic.twitter.com/bYgj7Qyyw7
— Mayne (@Tradermayne) January 10, 2024
Skale
A modular blockchain network designed to bring scalability to Ethereum, @SmokeyHosoda is bullish on Skale (SKL) as a beta play to Ethereum.
I like @blknoiz06 theory on why $SKL is guud ETH Beta
If you don't know, just look through his tweets, you'll find out
Important level/zone coming up though
Close to a 2x to be made if broken through with conviction, 27-35% retrace to look out for in case of rejection pic.twitter.com/NDMihIUsOB
— Smokey 一目均衡表 (@SmokeyHosoda) January 11, 2024
He’s confident in a 100% move to the upside if the $0.10 resistance level is broken.
Pepe
Among meme coins, Ethereum-based Pepe recently began to outperform once again with Solana’s Bonk cooling off after its explosive rally.
Still believe this is something to watch for
PEPE is just a high beta play on ETH https://t.co/tLlauqa59C
— K A L E O (@CryptoKaleo) January 10, 2024
One of the top crypto analysts Kaleo expects $PEPE to be a high beta play on ETH and eventually hit a ‘multi-billion market cap’ once the ETH/BTC ratio reclaims 0.06 and above.
Low Caps on Ethereum
Low cap ERC-20 meme tokens Meme Kombat?and Sponge?have also been making headlines, the former for raising close to $7 million at ICO and the latter for exploding over 1000% from its 2023 lows.
Sponge is up 1000% from 2023 lows and should be a good beta play to $ETH pumping now the $BTC ETF is a done deal ????
— Jacob Crypto Bury (@BuryCrypto) January 12, 2024
During ETF week Sponge was among the top crypto gainers, with meme coins remaining a high beta play to the overall increasing demand for cryptocurrency.
Still with a market cap well under $100 million, analysts like Jacob Bury are expecting further continuation to the upside.
