Former Goldman Sachs executive Raoul Pal believes Ethereum (ETH) is gearing up for a massive breakout against Bitcoin (BTC).
Pal says on the social media platform X that the Ethereum versus Bitcoin ratio (ETH/BTC) is on the verge of breaking above the diagonal resistance of a massive wedge on the weekly chart.
[adinserter block="1"]“The ETH/BTC chart is an absolute stunner and ready for the next big move: the break of the mega wedge. Let’s see how it pans out.”
Looking at his chart, the trader suggests that ETH/BTC has already broken out of a descending channel, indicating an imminent bullish trend reversal. His chart also suggests that ETH/BTC may break out of a years-long falling wedge pattern.
ETH/BTC is trading for 0.0573 BTC ($3,241) at time of writing, down 1.58% in the past 24 hours.
Other analysts are also turning bullish on Ethereum.
The founders of analytics platform Glassnode, Jan Happel and Yann Allemann, recently said that ETH/BTC made a sudden move to the upside, indicating that ETH itself and other altcoins are about to soar.
“When ETH/BTC rallies, altcoins rally. And we have just broken higher after a long consolidation since late 2021.”
CEO and founder of Morgan Creek Capital Mark Yusko believes that Ethereum could reach the $15,000 level if Bitcoin hits $150,000.
Said Yusko,
“I probably have no reason to go against what has existed for a long time which is the ratio between Bitcoin and Ethereum. It used to be almost exactly 10-to-1…
So let’s say Bitcoin gets to $150,000… let’s say it gets all the way back to 10-to-1. Then that would be [an Ethereum price of] $15,000. So, comfortably somewhere between $10,000 and $15,000.”
Follow us on X, Facebook and TelegramDon'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.
Generated Image: DALLE3
