The co-founders of crypto analytics platform Glassnode believe that Ethereum (ETH) is on track to move higher.
Jan Happel and Yann Allemann, who use the Negentropic Twitter account, narrate their 55,800 followers that Ethereum is likely preparing to break the multi-month downtrend against Bitcoin (ETH/BTC).
According to Glassnode’s co-founders, the pair is likely to witness a burst to the upside after a short-term decline, suggesting that ETH could outperform BTC in the medium term.
“ETH ticking bomb.
Weakness in the short term, but a golden opportunity in the medium term!
– According to the ETH/BTC trading pair, it is time to move from BTC to altcoins.
– Hold on, BTC may shine for a while, but ETH is gearing up for a spectacular run!
– Avoid playing with high beta and focus on building a strong core portfolio for the upcoming bull market.”
Looking at the analysts’ chart, it seems they expect the pair to test support around 0.06 BTC ($1,742) before breaking out and rising to 0.07 BTC ($2,032).
ETH/BTC is trading at 0.0629 BTC ($1,826) at the time of writing.
On Bitcoin, the co-founders of Glassnode participation that BTC could see further pullbacks amid the strength of the US dollar index (DXY). According to Happel and Allemann, Bitcoin and altcoins could regain their bullish momentum once the DXY takes a breather.
“The market showed interest in BTC below $29,000.
With no catalyst, we need to tap into liquidity in the mid-$28,000 range to move higher.
Buy the dips and wait for the DXY to pull back before going nuts on altcoins.
Bitcoin is trading at $29,140 at the time of writing.
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Image generated: Midway through the journey