Analytics

Possible BTC bear case would lead Ethereum go parabolic

Ethereum, the second largest cryptocurrency in terms of market cap, has introduced the concept of DeFi and NFTs. Since establishment the entire blockchain network has witnessed notable growth. Simultaneously, since the beginning of this year, as the industry skyrocketed, ETH coins also achieved new all-time highs. However, in the current scenario, the price lost its momentum. ETH/BTC pair still stayed near its highest since 2018. According to some traders, such highs are nothing compared to the coin’s next move. 

Ethereum to commence a parabolic attack on BTC

Following the price actions in the crypto market, several analysts have deemed that Ethereum is due to take off a parabolic attack on BTC. As per analysts, the coin is preparing to beat Bitcoin’s all-time highs.

Following the chart on TradingView, the ETH/BTC pair has been observed sitting near three-year highs. However, the ETH’s next move is going to be even more robust. ETH against BTC is one of the few bullish narratives in the short-term cryptocurrency market in December.

Experts in the industry have reinforced optimistic predictions for the second most popular crypto asset. Moreover, experts are suggesting that the ETH/BTC pair is prepared to eclipse its already strong performance with a vertical move. One Twitter user, named Galaxy, cited that he/she has been waiting and publicly charting the pair on the big picture for several years, and now the chart at such a stage. Indeed, Ethereum is about to go into a parabolic mode, investors should just sit and wait for things to go crazy.

The picture for ETH seems promising

ETH/BTC pair has hit the price level of 0.085 this week. It is noteworthy that the level is the highest since a brief spike was observed this year in the mid of Q2. However, to achieve a new all-time high, the pair will have to cross the levels of 2018 when it witnessed a significant higher ceiling of up to 0.15 on some digital assets exchange platforms. 

Besides, in terms of USD, the picture for Ethereum seems similarly promising. According to analysts Pentoshi, the theory of ETH should be the part where if strength continues the market will see a strong run based on structure.

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