A popular crypto trader is expressing bullish sentiment on Ethereum (ETH) when paired against Bitcoin (BTC).
Pseudonymous crypto analyst Bluntz tells his 223,100 Twitter followers that the Ethereum/Bitcoin (ETH/BTC) pair could be on the verge of breaking out.
According to Bluntz, Ethereum is likely to rally strongly against Bitcoin if and when the breakout occurs.
“ETH/BTC potentially on the cusp of a major breakout.
Unsure if it does or not just yet but if it does it will be game time for ETH.”
Based on Bluntz’s attached chart, it appears that the ETH/BTC pair has formed a falling wedge pattern which is typically considered bullish.
Ethereum is trading at 0.06897834 BTC, or $1,849, at time of writing.
Turning to the Bitcoin/US dollar pair, the pseudonymous crypto analyst says that the flagship digital asset has flashed a danger sign after falling below a key support level.
“Bitcoin back into the breakout range, that’s never a good sign. Might be time to cut some exposure again.”
Bitcoin is trading at $27,080 at time of writing.
Bluntz also offers his take on the blockchain indexing protocol The Graph (GRT) which has rallied by slightly more than 10% over the past seven days.
According to the crypto trader and analyst, The Graph has more upside potential after breaking out of a falling wedge pattern.
“Major $0.13 [level] resistance now cleared on GRT and has done nothing but go up since that clear channel breakout. One of my favorite structures to trade hands down…
Still plenty of juice in the tank in my opinion.”
The Graph is trading at $0.129 at time of writing.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxGenerated Image: Midjourney