Real Vision CEO Raoul Pal says that key indicators are flashing bullish for the smart contract platform Ethereum (ETH) as the altcoin remains above the $2,000 level.
In a new analysis, the former Goldman Sachs executive says that Ethereum’s price action continues to print bullish patterns.
“The zoomed-out chart of Ethereum continues to be one of the most bullish I have seen.”
According to the macro guru, Ethereum’s market structure is closely mirroring increasing market liquidity.
“Fed net liquidity versus Ethereum: Ethereum, for example, is basically a pure play on liquidity.”
In the short term, Pal says that Ethereum is now potentially forming a bullish cup-and-handle pattern after having completed a bullish flag pattern. The investor says Ethereum will likely gain bullish steam if it closes above $2,150.
“Speaking of Ethereum, we’re currently in the process of testing very important levels. We have been highlighting the bull flag chart pattern in Ethereum – which we recently cleared – for several weeks now and it looks like we could be forming a larger cup-and-handle pattern.
A close above $2,150 would be very positive. Something to keep an eye on.”
He also says that he is long-term bullish on Ethereum after ETH broke out of a wedge pattern at the $2,087 level on the weekly chart.
“If we zoom out using weekly data, Ethereum has already broken out from its near-perfect wedge pattern; it’s a very bullish chart.”
Ethereum is trading for $2,023 at time of writing, down 2.1% in the last 24 hours.
Don’t Miss a Beat – Subscribe to get 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.
Generated Image: DALLE3
Credit: Source link
