One expert thinks that Ethereums Ether token (ETH), will release a “parabolic attack” on Bitcoin to smash all highs.
2-week forecast of “crazy” move in ETH
Galaxy, a popular Twitter account, shared positive forecasts about the largest altcoin.
TradingView and Cointelegraph Markets Pro data reveal that ETH/BTC is at three-year highs. Its next move must prove even more powerful.
Ethereum versus Bitcoin is one bullish story in the crypto markets short-term this month.
ETH/USD 1-day candle light chart (Bitstamp). Source: TradingView
“$ ETH is about enter into parabolic mode. You just need to see and wait what insane things will happen.”
Not all proof points to the $5,000 level being dropped, ETH/USD was trading at roughly $4,550 at the time this short article was composed.
The image in USD terms is comparable, with Ethereum setting new records in early November, and remaining within 20% of $5,000 ever given that.
Todays ETH/BTC price reached 0.085, the greatest level considering that a brief spike in May. Just 2018 is able to exceed that level, with some exchanges seeing a much higher ceiling than 2018.
ETH/BTC 1-month candle chart (Bitstamp). Source: TradingView
BINANCE: ETH/BTC 2-week candle chart annotated (Binance). Source: Galaxy/ Twitter
” This ought to in theory be the part where strength continues, we see that strong run on structure,” Pentoshi, a fellow trader, tweeted as part separate remarks on Ethereum Friday.
He shared his enjoyment with followers by sharing a prediction chart.
Bull case for Bitcoin bullies
Bitcoin is, nevertheless, still in a conservative mood.
Related: Fridays expiration of the $950M Bitcoin options is Victory!
Bull case: OC supply characteristics: Illiquid supply, LTH supply and HODL waves. OC oscillators have actually never experienced exuberance/reset in summertime – Summer saw OC habits that looked like bear market – Funds have brand-new PnLs January and are excited to handle danger– Macro unpredictability
— Will Clemente (@WClementeIII) December 2, 2021
Cointelegraph reported that while on-chain metrics are not cause for concern, little hints such as long-lasting holder sales activity point to decreased conviction.
After increasing to “neutral” area last week, Sentiment is now back in “fear”, the Crypto Fear & Greed Index determining 31/100.
Crypto Fear & Greed Index. Source: Alternative.me
Experts are now starting to think that “bearish” theories have more reliability after numerous weeks of poor rate efficiency. They remain bullish on BTC.