Former Goldman Sachs executive Raoul Pal believes Ethereum (ETH) is gearing up for a huge breakout against Bitcoin (BTC).
Friend say on social media platform
“The ETH/BTC chart is an absolute stunner and ready for the next big step: breaking the mega wedge. Let’s see how it turns out.”
Looking at his chart, the trader suggests that ETH/BTC has already broken out of a descending channel, indicating an impending bullish trend reversal. His chart also suggests that ETH/BTC could break out of a multi-year bearish wedge pattern.
ETH/BTC is trading at 0.0573 BTC ($3,241) at the time of writing, down 1.58% in the last 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 has made a sudden move upwards, indicating that ETH itself and other altcoins are about to rise.
“When ETH/BTC rises, altcoins rise. And we just broke higher after a long consolidation since late 2021.”
CEO and founder of Morgan Creek Capital Mark Yusko believes Ethereum could reach the $15,000 level if Bitcoin reaches $150,000.
said Yusko,
“I probably have no reason to go against what has been around for a long time, which is the relationship between Bitcoin and Ethereum. It used to be almost exactly 10 to 1…
So let’s say Bitcoin hits $150,000… let’s say it goes all the way back to 10-to-1. Then that would be so [an Ethereum price of] $15,000. So comfortably somewhere between $10,000 and $15,000.”
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Generated image: DALLE3