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ETH/BTC remains near its highest level since 2018, but that is nothing compared to its next move, one trader believes.
One analyst believes that Ethereum’s Ether (ETH) token will launch a “parabolic” attack on BTC to beat all-time highs.
Predicting 2 weeks for ETH moves “crazy”
ETH/BTC 1-month candlestick chart (Bitstamp). Source: TradingView
Data from Cointelegraph Markets Pro and TradingView shows that ETH/BTC is near a three-year high – but its next move will be even more dramatic.
Ether against Bitcoin (BTC) is one of the few bullish stories in the short-term crypto market this month.
In a tweet on December 3, popular Twitter account Galaxy reinforced optimistic predictions for the largest altcoin, even suggesting that ETH/BTC is about to eclipse its already strong performance. it by a vertical move.
“I have been waiting and publicizing the ETH/BTC chart on the big picture for years, and now we are finally here,” he told followers along with a predictive chart.
“$ETH is about to start going into parabolic mode. Let’s just wait and see how crazy things are going to happen.”
ETH/BTC (Binance) 2-week annotated candlestick chart. Source: Galaxy / Twitter
ETH/BTC hit 0.085 this week, the highest level since a brief spike in May of this year. Also, only 2018 stalled a new all-time high, however that year saw a significantly higher ceiling of 0.15 on some exchanges.
In US dollar terms, the same picture is promising, Ether has set several new records in early November and has remained broadly within the 20% range of $5,000 since.
“In theory, this should be the part where if strength continues we should see a strong performance based on structure,” fellow trader Pentoshi tweeted as part of separate comments. special about Ether Friday.
While not everything points to a $5,000 drop, ETH/USD is trading at around $4,550 at press time.
ETH/USD 1-day candlestick chart (Bitstamp). Source: TradingView
Old Bitcoin hands adjust bullish case
Meanwhile, for Bitcoin, the mood remains cautious.
After several weeks of stellar low price performance, analysts are starting to put more faith in the “bearish” arguments while ostensibly continuing to be bullish for BTC.
As Cointelegraph reported, on-chain metrics also have little cause for concern, but minor signs, such as long-term holders selling activity, point to a drop in confidence.
Sentiment, which has risen to the “neutral” territory this week, has now returned to the “fear” zone, the Crypto Fear & Greed Index measuring 31/100.
Crypto Fear & Greed Index. Source: alternative.me
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