A closely followed crypto analyst warns that Ethereum will likely continue to underperform Bitcoin (BTC) despite the growing hype surrounding the potential approval of spot market ETH exchange-traded funds (ETFs).

Pseudonymous analyst Rager tells his 199,400 followers on the social media platform X that he’s keeping a close watch on the Ethereum versus Bitcoin (ETH/BTC) chart.

According to the analyst, ETH/BTC remains in a long-term downtrend even after flashing signs of life earlier this month.

“Outside a quick three-day bounce in early January, ETH hasn’t been a great trade against BTC in a long time.

The downtrend continues unless ETH can show strength, the spot ETF delay certainly did not help the case.”

Last week, the U.S. Securities and Exchange Commission (SEC) postponed its decision to approve or deny Grayscale’s request to convert its Ethereum Trust (ETHE) product into an ETF. The regulator also took a similar action over the Nasdaq Stock Market’s request to list and trade BlackRock’s iShares Ethereum Trust.

Rager is also long-term bullish on the crypto markets. He believes that crypto assets will eventually print higher prices and enter into “easy mode” where markets leave their choppy phase behind.

The analyst also names one crypto sector that he thinks will give the markets a big shot in the arm moving forward.

“Attention is about to go from just ‘crypto gaming’ to quality gaming in crypto.

There will be a few high-quality games that make the biggest impact in this market and industry.

Be ready… and here’s a tip, not all the quality games have been released yet but will be in 2024.”

Generated Image: Midjourney