A prominent crypto strategist says Ethereum could easily outperform Bitcoin in a new long-term bull market cycle.
Josh Rager has been mapping the path of ETH since 2016, and points out that the current price action of the second-largest cryptocurrency lines up with its movements in late 2016, before its meteoric rise to an all-time high of $1,432.
According to Rager, investors who ultimately want to own Bitcoin could potentially buy Ethereum and try to time the market, selling it for BTC toward the end of a crypto bull run.
“This chart is a beauty. Accumulation zone that began back in 2016, imagine seeing the price go back down in this range and not buying or swing trading.
Don’t underestimate ETH, it can run against and outperform the Bitcoin chart. One can use ETH to stack sats…”
Rager says he’s looking for ETH to steadily rise to $360 from its current price of $267. Once that happens, he believes the sky is the limit.
“The official ‘send it’ level for ETH/USD is breaking and close above $360 on high time frames.
For anyone who wants to accumulate, if you’re not in by $360 then I’m sorry. No need to fomo, pullbacks will come and you’ve got plenty of time. Keep an eye on how price reacts there.”
Meanwhile, new data from the crypto analytics firm Glassnode highlights a bump in Ethereum’s network use, with the number of active addresses and transactions surging.
“Inline with ETH’s price rally, Ethereum network usage is on the rise. In the last 7 days:
– Active addresses are up 26.7%
– Transaction count is up 20.77%
– Gas usage has hit highs not seen since September last year.”
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/GrandeDuc
