One analyst believes that Ethereum’s Ether token (ETH), will launch a “parabolic attack” on Bitcoin to smash all highs.
2-week prediction of “crazy” move in ETH
ETH/BTC 1-month candle chart (Bitstamp). Source: TradingView
TradingView and Cointelegraph Markets Pro data show that ETH/BTC is at three-year highs. But, its next move should prove even more powerful.
One of the few bullish stories in the crypto markets this month is Ether against Bitcoin (BTC).
Galaxy, a popular Twitter account, shared optimistic predictions about the largest altcoin.
He shared his excitement with followers by sharing a prediction chart.
“$ETH is about go into parabolic mode. You just have to wait to see what crazy things will happen.”
BINANCE: ETH/BTC 2-week candle chart annotated (Binance). Source: Galaxy/Twitter
This week’s ETH/BTC price reached 0.085, the highest level since a short spike in May. Only 2018 is able to surpass that level, with some exchanges seeing a much higher ceiling than 2018.
The picture in dollars is similar, with Ether setting new records in November and remaining within 20 percent of $5,000 ever since.
“This should in theory be the part where strength continues, we see that strong run-based on structure,” Pentoshi, a fellow trader, tweeted as part separate comments on Ether Friday.
Although not all evidence points to the $5,000 level being dropped, ETH/USD was trading at approximately $4,550 at the time this article was written.
ETH/USD 1-day candle chart (Bitstamp). Source: TradingView
Bull case for Bitcoin bullies
Bitcoin is, however, still in a conservative mood.
Related: Friday’s expiry of the $950M Bitcoin options is Victory!
Analysts are now beginning to believe that “bearish” views have more credibility after several weeks of poor price performance. However, they still remain bullish on BTC.
Bull case: OC supply dynamics, illiquid supply and LTH supply. HODL waves. OC oscillators have never experienced exuberance/reset in summer – Summer saw OC behavior that resembled bear market – Funds have new PnLs January and are eager to take on risk – Macro uncertainty
— Will Clemente (@WClementeIII) December 2, 2021
Cointelegraph reported that while on-chain metrics are not cause for concern, small cues such as long-term holder sales activity point to decreased conviction.
After rising to “neutral” territory last week, Sentiment is now back in “fear”, the Crypto Fear & Greed Index measuring 31/100.
Crypto Fear & Greed Index. Source: Alternative.me