Former Goldman Sachs executive Raoul Pal believes Ethereum (ETH) is gearing up for a massive breakout against Bitcoin (BTC).
Pal says on the social media platform X that the Ethereum versus Bitcoin ratio (ETH/BTC) is on the verge of breaking above the diagonal resistance of a massive wedge on the weekly chart.
“The ETH/BTC chart is an absolute stunner and ready for the next big move: the break of the mega wedge. Let’s see how it pans out.”
Looking at his chart, the trader suggests that ETH/BTC has already broken out of a descending channel, indicating an imminent bullish trend reversal. His chart also suggests that ETH/BTC may break out of a years-long falling wedge pattern.
ETH/BTC is trading for 0.0573 BTC ($3,241) at time of writing, down 1.58% in the past 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 made a sudden move to the upside, indicating that ETH itself and other altcoins are about to soar.
“When ETH/BTC rallies, altcoins rally. And we have just broken higher after a long consolidation since late 2021.”
CEO and founder of Morgan Creek Capital Mark Yusko believes that Ethereum could reach the $15,000 level if Bitcoin hits $150,000.
Said Yusko,
“I probably have no reason to go against what has existed for a long time which is the ratio between Bitcoin and Ethereum. It used to be almost exactly 10-to-1…
So let’s say Bitcoin gets to $150,000… let’s say it gets all the way back to 10-to-1. Then that would be [an Ethereum price of] $15,000. So, comfortably somewhere between $10,000 and $15,000.”
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