A popular cryptocurrency analyst and trader is optimistic that the price of Ethereum (ETH) is about to go up significantly.
The pseudonymous crypto trader Kaleo tells his 552,400 Twitter followers that the second-largest digital asset by market cap is on course to rally by over 60% from current levels.
[adinserter block="1"]“Ethereum
The rally to $2,000+ commences soon.”
Ethereum is trading at $1,225 at time of writing.
While Kaleo is bullish on Ethereum against the US dollar, he believes ETH will not do well in its Bitcoin pair (ETH/BTC).
Earlier this week, the analyst predicted that ETH/BTC would likely continue on a downward trend, suggesting that the king crypto will outperform the smart contract protocol in the coming months.
“ETH/BTC
ETH outpaced BTC on the recent squeeze, but was quickly rejected at resistance.
Still looking for this ratio to break lower over the coming months.”
With the ETH/BTC downtrend in mind, Kaleo says that Bitcoin has to surge nearly 108% from its current price of $16,840 for Ethereum’s rally to occur.
“For this to reconcile with the ETH/BTC ratio breakdown, BTC would need to run up to ~$35,000+”
Kaleo clarifies that a bearish ETH/BTC chart does not mean that Ethereum cannot rally against the dollar.
“If/when the pennant does break lower and retests high timeframe support, I think there’s a solid chance it finally breaks.
This *doesn’t* mean that ETH/USD won’t continue to climb higher.
Just that BTC outpaces.”
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Surf The Daily Hodl Mix
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 assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Terablete
