In a shift, Ethereum (ETH) has outpaced Solana (SOL) in the last 24 hours, leading some experts to believe that a “great capital rotation” is underway.
Ram Ahluwalia, CEO of Lumida, a cryptocurrency investment firm, is among those who are bullish on Ethereum’s prospects. Taking to X on December 28, the CEO said the “great rotation,” referring to the capital injection, is on. The coin could be ready for a new all-time high, above $5,000, in the coming few trading weeks or months.
Ethereum Outperforms Solana In The Past 24 Hours
The resurgence in Ethereum is when Solana appears to be cooling off after sharp gains in the past few trading months. While ETH adds roughly 5%, Ahluwalia notes that SOL is down by around the margin in the past 24 hours. This formation is reflected in the SOLETH chart, though SOL bulls maintain a lead over ETH from a top-down preview.
Ahluwalia’s optimism and expectation of ETH stretching gains stem from Ethereum’s recent price action. The coin has broken out of intermittent resistance levels. It is now poised to break even higher, looking at the formation in the daily chart. As it is, ETH is at around December 2023 highs, a cool-off from early today when prices broke above $2,400 to register new 2023 highs.
Notably, looking at the ETH candlestick arrangement, it is evident that buyers have the upper hand. The upswing observed today is primarily due to the surge in trading volume on December 27. The spike in trading volume suggests trader interest. It could fan even more demand, forming a base for ETH to roar towards $3,500 and even $5,000 in the sessions ahead.
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Author: Dalmas Ngetich
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