The co-founders of the crypto analytics platform Glassnode are of the opinion that Ethereum (ETH) is set to go higher.
Jan Happel and Yann Allemann, which use the Negentropic Twitter account, tell their 55,800 followers that Ethereum is likely gearing up to break out from its multi-month downtrend against Bitcoin (ETH/BTC).
According to the Glassnode co-founders, the pair is likely to witness a burst to the upside after a short-term decline, suggesting that ETH could outperform BTC in the midterm.
“ETH ticking bomb.
Short-term weakness, but a golden mid-term opportunity!
– According to the ETH/BTC trading pair, it’s time to shift from BTC to altcoins.
– Hold on, BTC might shine briefly, but ETH is gearing up for a spectacular run!
– Avoid high-beta plays and focus on building a strong core portfolio for the upcoming bull market.”
Looking at the analysts’ chart, it appears that they expect the pair to test support at around 0.06 BTC ($1,742) before breaking out and rallying toward 0.07 BTC ($2,032).
ETH/BTC is trading at 0.0629 BTC ($1,826) at time of writing.
On Bitcoin, the Glassnode co-founders say that BTC could see further pullbacks amid the strength of the US dollar index (DXY). According to Happel and Allemann, Bitcoin and altcoins could regain their bullish momentum once the DXY takes a breather.
“Market showed interest in BTC below $29,000.
Without a catalyst, we’ll need to tap into the liquidity in the mid $28,000 range to push higher.
Buy the dips and wait for the DXY to retrace before going crazy into altcoins.”
Bitcoin is trading at $29,140 at time of writing.Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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