Macro expert and former Goldman Sachs executive Raoul Pal says one Ethereum (ETH) chart is flashing a strong bullish signal.
Pal tells his 983,800 Twitter followers that no other chart is more bullish than the ETH/Bitcoin (BTC) ratio, a closely watched measure of the price relationship between the world’s two largest cryptocurrencies.
“Is the ETH/BTC ratio the single most bullish major asset price chart in the world? Might well be…”
Looking at Pal’s chart, it appears that the ETH/BTC pair is poised to take out its diagonal resistance, suggesting that Ethereum will likely outperform Bitcoin. At time of writing, the pair is valued at 0.077 BTC ($1,582), closely tracking Pal’s resistance level.
A bullish position on Ethereum’s price is also shared by popular pseudonymous trader Kaleo who tells his 537,600 Twitter followers that the ETH/BTC pair looks ready to rally toward his target of 0.11 BTC ($2,261).
“Basically see ETH outpacing until BTC breaks above the major HTF (high timeframe) diagonal downtrend in December or January.”
At time of writing, Ethereum is trading at $1,572, while Bitcoin is changing hands at $20,452.
Pal is bullish on the overall crypto market, recently predicting an exponential increase in the total value of all digital assets. Pal said that crypto’s market cap of about $1 trillion could explode to $300 trillion in just a decade due to factors like the amount of venture capital flowing into the sector and growing institutional involvement.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxFeatured Image: Shutterstock/IR Stone