Pseudonymous analyst Smart Contracter tells his 222,400 Twitter followers that he’s keeping an eye on the Ethereum versus Bitcoin pair (ETH/BTC).
According to the crypto strategist, ETH/BTC has likely carved a 2023 low at around 0.062 BTC ($1,879) and may now be in a position to witness a sustained uptrend in the coming months.
“So far ETH/BTC has played out exactly as I had predicted it would over four months ago down to the pico low [at] 0.062 level. The best part is I think it trades well over 0.10 ($3,032) by the end of the year.”
A bullish ETH/BTC pair indicates that Ethereum is rising in value faster than Bitcoin. At time of writing, the ETH/BTC pair is trading for 0.069 BTC, worth $2,092.
Looking at Ethereum itself, Smart Contracter says the leading altcoin has managed to take out a key resistance level on the weekly chart that has kept ETH bearish for almost a year.
“ETH just had a mega-strong weekly close out of a 300-day range… Time to overcome the PTSD (post-traumatic stress disorder) and get back into the mindset of the good old days.”
Following Ethereum’s breakout, Smart Contracter thinks that ETH could rally to its all-time high at around $4,800.
“Tell me this thing ain’t going to all-time highs.”
At time of writing, Ethereum is trading for $2,097.Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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