ETH/BTC maintains its high levels but that is nothing compared to the next potential move, traders believe.
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.
I've been waiting and publicly charting ETH/BTC on the big picture for years, and now we are finally here.$ETH is about to start going into parabolic mode.
Just wait and see how crazy things are about to get. pic.twitter.com/t9JrKyjGg9
— Galaxy (@galaxyBTC) December 3, 2021
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.
Now flipping the yearly highs to support and multi-year highs
Just under ATH's on USD pair. This in theory should be the part where if strength continues we see that strong run based on structure. Has traded exceptionally clean the past month top down + back https://t.co/yXFOpkZAG8 pic.twitter.com/c6Cp8BoC4o
— Pentoshi 🐧 DM'S ARE SCAMS (@Pentosh1) December 2, 2021
ETH/USD 1-day candle chart (Bitstamp). Obtained from: TradingView
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
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