Bitcoin cannot deal with resistance. Are the opportunities for ETH increasing?

Bitcoin price is stuck in a resistance area that seems to extend between USD 37000-39000, a level that has been mentioned many times. From this perspective, only a sustained break above 39000 could open the way towards USD 51000, which may be the next stop for market bulls. But could BTC stopping be an opportunity for ETH?

ETH/BTC spread lowest since July 2022

ETH price expressed in BTC fell to the lowest level since July 2022, breaking down from many months of consolidation in October. Thus, bitcoin then showed its advantage over ETH. Over the year, the ratio of the two cryptocurrencies has fallen by 24%, which shows relatively great weakness Ethereum against Bitcoin. Nevertheless, perhaps it's time to start wondering if ETH is likely to outperform BTC again as the spread hits potential July support?

ETF not only for bitcoin, but also for ETH?

BlackRock has officially confirmed its plans to launch an investment fund exchange-traded fund (ETF), which will invest in ether (ETH), the native token of the Ethereum blockchain. This is a step that indicates a significant increase in BlackRock's involvement in cryptocurrencies.

The plan to launch an ETF on Ethereum was confirmed by a request to the US Securities and Exchange Commission (SEC), filed by Nasdaq on behalf of BlackRock. The application, known as Form 19b-4, was filed on November 9, 2023.

Announcement of plans BlackRock regarding ETFs on Ethereum had a significant impact on the market, causing an 11% increase in the value of Ethereum, which reached a value of $2,123 within 24 hours after the announcement​ and this is where the growth ended for now.

Time for a correction in the price of bitcoin and ethereum?

Therefore, there may be a correctional move that may last up to a month, which would possibly reduce the ETH price towards USD 1750-1700. Potential support for the cryptocurrency may fall in this area after the market failed to permanently break the April 2023 peak and stay above the USD 2000 level.

If the resistance level of 37000-39000 were to be defended on BTC, a move towards USD 32000 would then be quite likely, as well as a rebound from the recent increases and perhaps profit taking. Since the beginning of the year, Bitcoin has gained 119% and ETH 65%.