Ethereum
Analyst Says Blue-chip Altcoin Mimics Price Action That Preceded Massive Rally, Updates His Outlook on Ethereum
A closely followed crypto analyst believes that a top 10 altcoin by market cap is on the verge of hitting new all-time highs (ATH).
Pseudonymous trader Kaleo tell its 642,000 subscribers on the social media platformBNB), the utility token of the BNB Chain ecosystem, mimics a 2021 price pattern on the four-hour chart that led to new ATHs.
“When BNB entered price discovery in spring 2021, it initially had a breakout and retest very similar to what we are seeing now. I would look to add a lot to this drop, especially below $650 if you get the chance.
Source: Kaléo/X
Crypto traders and analysts refer to price discovery as a situation where a coin is trading at levels never before seen in its history.
BNB is trading at $679 at the time of writing, down more than 4% in the last 24 hours.
Then the analyst predicted Ethereum (ETH) will break out of a descending trendline against Bitcoin (ETH/BTC), and this could cause layer 1 (L1) Ethereum virtual machine (EVM) projects to skyrocket.
“I really believe it’s only a matter of time before we see something like this for the Ethereum/Bitcoin ratio. When this happens, be on the lookout for high ETH beta games, including L1 alt EVMs.
Looking at his chart, the analyst suggests that ETH/BTC will surpass 0.10 BTC ($6,926). ETH/BTC is trading at 0.053 BTC ($3,689) at the time of writing.
The trader too said that, based on historical precedent, Ethereum is in the early stages of the parabolic phase of the market cycle.
“How can you not be optimistic here? »
Ethereum is trading at $3,686 at the time of writing, down 3% in the last 24 hours.
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Image generated: DALLE3