Macro expert and former Goldman Sachs executive Raoul Pal says one Ethereum (ETH) chart is flashing a strong bullish signal.
Pal tells his 983,800 Twitter followers that no other chart is more bullish than the ETH/Bitcoin (BTC) ratio, a closely watched measure of the price relationship between the world’s two largest cryptocurrencies.
“Is the ETH/BTC ratio the single most bullish major asset price chart in the world? Might well be…”
Looking at Pal’s chart, it appears that the ETH/BTC pair is poised to take out its diagonal resistance, suggesting that Ethereum will likely outperform Bitcoin. At time of writing, the pair is valued at 0.077 BTC ($1,582), closely tracking Pal’s resistance level.
A bullish position on Ethereum’s price is also shared by popular pseudonymous trader Kaleo who tells his 537,600 Twitter followers that the ETH/BTC pair looks ready to rally toward his target of 0.11 BTC ($2,261).
“Basically see ETH outpacing until BTC breaks above the major HTF (high timeframe) diagonal downtrend in December or January.”
At time of writing, Ethereum is trading at $1,572, while Bitcoin is changing hands at $20,452.
Pal is bullish on the overall crypto market, recently predicting an exponential increase in the total value of all digital assets. Pal said that crypto’s market cap of about $1 trillion could explode to $300 trillion in just a decade due to factors like the amount of venture capital flowing into the sector and growing institutional involvement.
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
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/IR Stone
Credit: Source link
