Analyst: Ethereum will launch a 'parabolic' attack on Bitcoin to break all-time highs
Two weeks later, ETH will usher in a "crazy" move
ETH/BTC 1-month candle chart (Bitstamp) Source: TradingView
Data from Cointelegraph Markets Pro and TradingView shows that ETH/BTC is currently at a nearly three-year high, but its next move should be stronger.
Ethereum vs. Bitcoin is one of the few bullish narratives in the short-term cryptocurrency market this month.
In a tweet on Dec. 3, the popular Twitter account Galaxy reinforced its bullish predictions for Ethereum, even suggesting that ETH/BTC is about to outperform its already strong performance with a vertical move.
“I’ve been waiting and publicly charting ETH/BTC for years, and here we are,” he told followers, writing in a forecast chart:
“$ETH is about to go into a parabolic pattern. Just wait and see how crazy things get.”
ETH/BTC reached 0.085 this week, the highest level since a brief surge in May this year. Other than that, only 2018 is likely to hit a new all-time high, although some exchanges peaked at the 0.15 cap that year.
In U.S. dollar terms, the picture is also positive, with ethereum hitting new highs in early November and has largely fluctuated within 20% of $5,000 since then.
“In theory, if the strength persists, we could see strong moves based on structure,” his colleague Pentoshi wrote in a separate comment on Ethereum on Friday.
While not all data points to a drop to the $5,000 level, at the time of writing, ETH is trading around $4,550.
Meanwhile, sentiment remains conservative for Bitcoin.
After weeks of disappointing price performance, analysts are becoming more convinced of the “bearish” thesis while remaining ostensibly bullish on BTC.
On-chain metrics likewise offer little cause for concern, as Cointelegraph reported, but small clues, such as selling activity by long-term holders, point to a decline in conviction.
Sentiment rose this week into the "neutral" zone and is now back in the "fear" zone, with the cryptocurrency's Fear and Greed Index reaching 31/100.
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