Real Vision CEO Raoul Pal says that key indicators are flashing bullish for the smart contract platform Ethereum (ETH) as the altcoin remains above the $2,000 level.
In a new analysis, the former Goldman Sachs executive says that Ethereum’s price action continues to print bullish patterns.
“The zoomed-out chart of Ethereum continues to be one of the most bullish I have seen.”
According to the macro guru, Ethereum’s market structure is closely mirroring increasing market liquidity.
“Fed net liquidity versus Ethereum: Ethereum, for example, is basically a pure play on liquidity.”
In the short term, Pal says that Ethereum is now potentially forming a bullish cup-and-handle pattern after having completed a bullish flag pattern. The investor says Ethereum will likely gain bullish steam if it closes above $2,150.
“Speaking of Ethereum, we’re currently in the process of testing very important levels. We have been highlighting the bull flag chart pattern in Ethereum – which we recently cleared – for several weeks now and it looks like we could be forming a larger cup-and-handle pattern.
A close above $2,150 would be very positive. Something to keep an eye on.”
He also says that he is long-term bullish on Ethereum after ETH broke out of a wedge pattern at the $2,087 level on the weekly chart.
“If we zoom out using weekly data, Ethereum has already broken out from its near-perfect wedge pattern; it’s a very bullish chart.”
Ethereum is trading for $2,023 at time of writing, down 2.1% in the last 24 hours.Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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