Ethereum’s Ether token (ETH) will launch a “parabolic” attack on BTC to hit all-time highs, according to an analyst.
2-week forecast “crazy” ETH move
Data from Cointelegraph Markets Pro and TradingView show that ETH / BTC is close to three-year highs – but the next move should be even stronger.
Ethereum against Bitcoin is one of the few bullish narratives in the short-term crypto markets this month.
In a chirping on December 3, the popular Twitter account Galaxy reinforced optimistic predictions for the largest altcoin, and even suggested that ETH / BTC is in the process of darkening its already strong performance with a vertical move.
“I have been waiting and publicly mapping ETH / BTC 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. Just wait and see how crazy things are going to get.”
ETH / BTC reached 0.085 this week, the highest since a short peak in May this year. Beyond that, only 2018 stands in the way of new all-time highs, that year still has a significantly higher ceiling of up to 0.15 on some stock exchanges.
In USD terms, the picture is just as promising, Ethereum has set repeated new records in early November and stayed largely within 20% of $ 5,000 since.
“This should in theory be the part where if the strength continues we see the strong race based on structure,” tweeted dealer Pentoshi as part of own comments at Ethereum Friday.
Although not all indications are that the $ 5000 level will fall, ETH / USD traded at around $ 4550 at the time of writing.
Bitcoin old hands tweak bull case
For Bitcoin, the mood is still conservative.
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After several weeks of underwhelming price developments, analysts are beginning to place more confidence in “bearish” theses, while apparently remaining bullish on BTC.
– OC supply dynamics: illiquid supply, LTH supply, HODL waves, etc.
– OC oscillators never reached abundance / reset over the summer
– The summer included OC behavior similar to the bear market
– The funds have fresh PNL in January, hungry to take risk
– Will Clemente (@WClementeIII) December 2, 2021
As the Cointelegraph reported, chain measurements also give little cause for concern, but small signals, such as long-term sales activity, point to reduced conviction.
Sentiment, after rising to “neutral” territory this week, is now back in the “fear” zone, the Crypto Fear & Greed Index measures 31/100.