A widely followed crypto trader is expressing bullish sentiment on Ethereum (ETH) relative to Bitcoin (BTC).
In a new strategy session, pseudonymous crypto analyst Altcoin Sherpa tells his 217,800 followers on the social media platform X that the Ethereum/Bitcoin (ETH/BTC) pair is “still holding up pretty strong.”
[adinserter block="1"]According to Sherpa, the ETH/BTC pair is currently in a “fine spot” for long opportunities amid the potential approval of spot Ethereum exchange-traded funds (ETF) by the U.S. Securities and Exchange Commission (SEC).
“ETH to all-time highs is near guaranteed before the end of the year.”
Ethereum, which is trading at 0.05457 BTC ($3,142) at time of writing, would need to rally by around 187% to reach the all-time high of 0.15636 BTC recorded in November of 2021.
Moving on to the crypto king, Sherpa says,
“Price still in an overall high time-frame range between $73,000 – $56,000 but things of course look bearish in the short term.”
Sherpa concludes his analyst by says that a bullish phase could kick off around three months from now for altcoins.
“Altcoins are continuing to sell off, I still don’t see any end in sight for that. I never understood why people thought we’d get some sort of alt season in the summer.
I could maybe see it for ETH ETF bidding but you generally need a healthy BTC for this to happen. Still possible I guess but I’m still a bit pessimistic. I think it’s likely we continue to chop and chill for the next few months and then have a very nice Q4.”
Follow us on X, Facebook and Telegram
Don'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: Midjourney
