Former Goldman Sachs executive Raoul Pal believes Ethereum (ETH) is gearing up for a massive breakout against Bitcoin (BTC).
Breakout of a Diagonal Resistance
Pal shared a chart on social media showing 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. He described the chart as an “absolute stunner” and said, “Let’s see how it pans out.”
Breakout of a Descending Channel and Falling Wedge
Pal’s chart also suggests that ETH/BTC has already broken out of a descending channel, indicating an imminent bullish trend reversal. Additionally, he believes ETH/BTC may break out of a years-long falling wedge pattern.
Current ETH/BTC Price
At the time of writing, ETH/BTC is trading at 0.0573 BTC ($3,241), down 1.58% in the past 24 hours.
Other Analysts Turning Bullish on Ethereum
Other analysts are also becoming 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.
CEO and founder of Morgan Creek Capital Mark Yusko believes that Ethereum could reach the $15,000 level if Bitcoin hits $150,000.
Disclaimer
Opinions expressed at FastPayCrypto are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets.
