Bitcoin 'Beasted' In January, Now Analyst Says Ethereum Is Set To Lead Crypto Market In March

Chris Burniske, the former Blockchain Products lead at the Cathie Wood-led Ark Invest, says Ethereum ETH/USD is moving towards a bullish market in March. 

Burniske tweeted that ETH looks strong despite the recent market-wide tumult. 

"From where I sit, I'm surprised crypto hasn't pulled back more given weakness in equities, and upward repricing in rates – bullish," Burniske said in the Tweet.

To those saying some version of “just wait,” sure we could pull back a bit more, but calls for new lows anytime soon are silly. Pullbacks are consolidation within the current uptrend, imo.

— Chris Burniske (@cburniske) February 25, 2023

Burniske mentioned that an incoming upgrade for ETH, also known as Ethereum Improvement Proposal 4895 (EIP-4895), could act as a bullish catalyst for the leading smart contract protocol.

A guess:

-January $BTC beasted, led the rest
-February we mostly consolidated
-March $ETH beasts, leads the rest with Shanghai upgrade driving ETH staking flows

— Chris Burniske (@cburniske) February 24, 2023

The proposed upgrade allows users with staked ETH to withdraw their assets. The update is slated for release in March.

Also Read: Bitcoin, Ethereum Move Higher; Optimism, Enjin Coin Among Top Gainers

At the time of writing, Ethereum was trading at $1,643.85, down 2.4% in the last seven days. 

Bitcoin BTC/USD started the year on a solid note. The crypto coin reached around $23,500 in January, resulting in a return on investment of about 41%.

Photo: Shutterstock