Ethereum has claimed the spotlight due in large part to the upcoming Merge. The recently engineered relief rally from the markets has also contributed to the bullish outlook on ETH.
However, this shift in attention could be a leaping stone for Bitcoin.
Despite Bitcoin’s more significant gains, Ethereum has remained the focus of the majority of the community. Notwithstanding, Santiment notes that this negativity towards the digital gold could set it up for a significant comeback.
Bitcoin’s Weighted Sentiments show a bearish outlook
Santiment recently revealed a chart showing Bitcoin’s Weighted Social Sentiment. The metric indicated that weighted sentiments on the firstborn crypto were generally bearish. Dipping to an inauspicious value of -1.30, current sentiments on BTC appear to be the most bearish seen this year.
This unpropitious outlook prevails despite Bitcoin’s break above $20k in the recent relief rally. Santiment noted that the low sentiments likely come from the asset’s “negative-themed discussions and lack of overall chats.”
Nevertheless, Santiment notes that the bearish outlook could serve as a harbinger of a breakout, as the community is not looking towards one. Riding on the back of the recent rally, BTC broke past multiple resistance points to settle its position above $20k before losing steam.
Despite the shift in attention, BTC appears to be outshining ETH of late
Conversely, Ethereum remains the favourite of the majority of late, mainly due to the upcoming Merge. A Santiment chart indicated some promising on-chain metrics for the king altcoin. The Ethereum NVT Circulation Model indicates that the ratio of the asset’s circulation to its current market cap is seeing positive values witnessed in May of 2021.
With The Merge less than two days away, several proponents are looking to cash in on the proceeds the event could potentially engineer. Despite the shift in attention, ETH has recently been underperforming compared to BTC.
The recent relief rally has hit a roadblock, but BTC has retained its gains in the past week. Notwithstanding, ETH has shed up to 3.61% of its value in the past seven days. Bitcoin remains above the $20k mark, with a 5.51% rise in the past week.
On the other hand, ETH has dipped below the support at $1,600. The asset is trading at $1,596, down 6.47% in the past 24 hours.
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