The token Ethereum Ether (ETH) Will Launch “Parabolic” Attack Against BTC to Break All-Time Highs, according to one analyst.
2 Weeks Predicts “Crazy” ETH Move
Data from Cointelegraph Markets Pro and TradingView shows that the ETH / BTC pair is near its three-year highs, but its next move should be even stronger.
Ethereum vs. Bitcoin is one of the few bullish narratives in the short-term cryptocurrency markets this month.
In a tweet from December 3, the popular Twitter accountr Galaxy bolstered upbeat predictions for the largest altcoin, even suggesting that ETH / BTC is poised to overshadow its already strong performance with a vertical move..
“I’ve been waiting and publicly charting the ETH / BTC pair on the big picture for years, and now we are finally here.”he told his followers next to a predictive graph.
“ETH is about to start going into parabolic mode. Just wait and see how crazy things are about to get.”
The ETH / BTC pair hit 0.085 this week, its highest since a brief spike in May this year.. Beyond that, only 2018 stands in the way of new all-time highs, that year, however, saw a significantly higher high, up to 0.15, on some exchanges.
In dollar terms, the outlook is equally promising, as Ethereum has repeatedly set new records in early November and has remained broadly within 20% of $ 5,000 since then..
“This, in theory, should be the part where, if the force continues, we see that strong structure-based race.”comrade Pentoshi tweeted as part of the separate comments on Ethereum on Friday.
Although not everything indicates that the level of USD 5,000 is going to fall, ETH / USD was trading around $ 4,550 at the time of writing..
Bitcoin veterans tweak the bullish case
For Bitcoin, meanwhile, the mood remains conservative.
After several weeks of disappointing price performance, analysts are beginning to lend more credence to the “bearish” thesis., while ostensibly still bullish on BTC.
Bull case:
– OC supply dynamics: illiquid supply, LTH supply, HODL waves, etc.
– OC oscillators never reached exuberance / reset over summer
– Summer included OC behaviors that resemble bear market
– Funds have fresh PnLs in January, hunger to take on risk
– Macro uncertainty
– Will Clemente (@WClementeIII) December 2, 2021
Bullish case:
– Dynamics of the OC offer: illiquid offer, LTH offer, HODL waves, etc.
– OC oscillators never reached exuberance / replenishment during the summer
– The summer included OC behaviors that resemble the bear market
– Funds have new NLPs in January, hungry for risk taking
– Macroeconomic uncertainty
As Cointelegraph reported, On-chain metrics also present little cause for concern, although small signals, such as long-term headline selling activity, point to lower conviction.
The sentiment, having risen to “neutral” territory this week, is now back in the “fear” zone., according to the Index of Fear and Greed of cryptocurrencies, which measures 31/100.
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