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Analyst Says Blue-chip Altcoin Mimics Price Action That Preceded Massive Rally, Upgrades Outlook on Ethereum
A closely followed crypto analyst believes one of the top 10 altcoins by market capitalization is about to hit new all-time highs (ATH).
Trader alias Kaleo tells his 642,000 followers on the social media platformBNB), the utility token for the BNB chain ecosystem, is mimicking a 2021 price pattern on the four-hour chart that has led to new ATHs.
“When BNB entered price discovery in spring 2021, there was initially a breakout and retest very similar to what we are seeing now. I would look to significantly increase this drop, especially below $650 if given the chance.
Source: Kaleo/X
Cryptocurrency traders and analysts refer to price discovery as a situation where a coin is trading at levels never seen before in its history.
At the time of writing, BNB is trading at $679, down more than 4% in the past 24 hours.
Then the analyst predicts Ethereum (ET) will break above the descending trend line against Bitcoin (ETH/Bitcoin), and this could see a surge in Level 1 (L1) Ethereum Virtual Machine (EVM) projects.
“I truly believe it is only a matter of time before we see something similar for the Ethereum/Bitcoin ratio. When that happens, be on the lookout for high beta ETH plays, including alt L1 EVMs.
Source: Kaleo/X
Looking at his chart, the analyst suggests that ETH/BTC will rise above 0.10 BTC ($6,926). As of this writing, ETH/BTC is trading for 0.053 BTC ($3,689).
Even the merchant He says that, based on historical precedent, Ethereum is in the early stages of the parabolic phase of the market cycle.
“How can you not be bullish here?”
Source: Kaleo/X
At the time of writing, Ethereum is trading for $3,686, down 3% over the past 24 hours.
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