A widely followed crypto analyst says Ethereum (ETH) is primed for a parabolic rally and that Bitcoin’s (BTC) risk-reward ratio looks attractive.
The pseudonymous analyst known as TechDev tells his 393,000 Twitter followers that Ethereum is currently mirroring a pattern from late 2016 and early 2017, where ETH printed bearish-looking price action before exploding.
“Update on ETH idea.”
According to TechDev’s chart, the crypto strategist believes ETH is set for a rally to the $24,000 range, or about a 780% rally from current prices, as Ethereum’s volume and momentum indicator suggest the end of the correction for the leading smart contract platform.
Looking at Bitcoin (BTC), TechDev says the largest crypto asset by market cap is in a bullish accumulation zone despite uncertain sentiment and price action.
“Bitcoin upside asymmetry looks strong… Asymmetry still there. Accumulation still there. Panic gets you nowhere.”
The popular crypto analyst also has his eye on some on-chain developments brewing behind the scenes in Bitcoin. TechDev looks at data from blockchain analytics firm Glasnode that records the percentage of BTC that hasn’t moved in at least a year.
The analyst points out that all-time highs (ATHs) in the metric tend to coincide with bottoms and the beginning of bull runs in Bitcoin.
“Bitcoin % supply last active over one year ago at ATH with 100 day rate-of-change rollover.”
Check Price Action
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Timofeev Vladimir
Credit: Source link
