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.”
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