A widely followed crypto analyst believes Ethereum (ETH) is heading to new all-time highs (ATHs).
Pseudonymous crypto trader Altcoin Sherpa tells his 216,900 followers on the social media platform X that ETH will likely have a massive breakout against Bitcoin (ETH/BTC).
However, the trader warns that the 200-week exponential moving average (EMA) continues to act as resistance for the ETH/BTC pair and there may be more downside before a breakout.
“ETH: ETH/BTC has underperformed for a while now, interesting to see that the 200-week exponential moving average is still bearish (last time it was bearish like this was March 2021). To be determined if this recent price action is ‘the bottom.’ ETH to ATH is still a certainty, but I think that this is still disturbing to watch.”
ETH/BTC is trading for 0.05384 BTC ($3,841) at time of writing, up nearly 1% in the last 24 hours. Ethereum reached an all-time high of about $4,900 in November 2021.
The analyst also believes that Bitcoin Dominance (BTC.D), which tracks the percentage of the total market cap that belongs to Bitcoin, will continue to be bullish until the fourth quarter of this year, meaning altcoins could lag behind BTC until then.
“You should probably accumulate shitcoins from now until late Q4. Hard to say what the particular timing is but most alt/BTC pairs are going to continue to go down in my opinion. But once Q4 rolls around, expecting BTC.D to come down and for there to be some alt action.”
Looking at his chart, the analyst suggests BTC.D will reach a peak level at around 64%, about 10% higher than the current level.
Follow us on X, Facebook and Telegram
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
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 cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Warm_Tail
