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Ethereum Prepping for a Parabolic Move against Bitcoin as Analysts Look into BTC’s Bear Case

ETH/BTC maintains its high levels but that is nothing compared to the next potential move, traders believe.

 

A Parabolic Attack

Ether (ETH), Ethereum’s native token is set to launch a parabolic attack on BTC to challenge the latter’s all-time highs, an analyst predicts.

ETH/BTC 1-month candle chart (Bitstamp). Obtained from: TradingView

Looking at the ETH/BTC chart, one can predict a crazy ETH move as the pair is sitting near three-year highs, which is an indicator of an even stronger next move. Ether going for Bitcoin’s jugular is one of the few bullish narratives in this month’s crypto market.

Popular Twitter account, Galaxy, sent out a tweet on 3rd December reinforcing the optimistic predictions for ETH. Galaxy even suggested that the ETH/BTC pair would use an incoming vertical move to eclipse the already strong performance.

An Upward Trajectory

This week saw the ETH/BTC pair reach the 0.085 mark, its highest this year after May’s brief spike. Other than that high mark, only 2018 is in the way of the pair attaining new all-time highs. 2018 was a good year for the pair as it witnessed a significantly higher ceiling of up to 0.15 on some exchanges.

Comparing it to the performance of the United States Dollar, a promising picture arises as Ether has already set new records in early November by staying within the 20% range of $5,000 since. While not all ETH elements point towards the $5,000 level backsliding, the ETH/USD pair traded at almost $4,550 as of 3rd December.

Pentoshi, another famed crypto trader tweeted on Ether Friday about the potential held by ETH and how the current structure showed a continuation of a strong run.

 

ETH/USD 1-day candle chart (Bitstamp). Obtained from: TradingView

Is it a Bull or Bear Case for BTC?

Away from ETH and onto BTC, the mood in the world’s leading cryptocurrency by market capitalization remains conservative. With an underwhelming price performance in the past few weeks, analysts were convinced that the bearish sentiments had some truth in them. However, looking at on-chain metrics, there is no cause for concern other than deeply analysing long-term holder selling activity.

Bitcoin old hands usually forge the paths to follow and with the sentiment currently falling on neutral this week, with a 47/100 score, some indecisiveness is still in play. The Crypto Fear and Greed Index shows that we are headed to the fear zone with a measurement of 31/100.

Crypto Fear & Greed Index. Source: Alternative.me10100

Image courtesy of pixabay

 

Edward Nored

Edward Nored

Edward is a naturally curious BTC lover with a deep interest in blockchain, fin tech, fields which he dedicates his time to researching.

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