A well-known crypto analyst predicts that Ethereum and other altcoins are gearing up for a potential upswing as ETH displays a pattern similar to that of 2020.
In his latest video update, crypto strategist Jason Pizzino, with a subscriber base of 344,000 on YouTube, highlights that the Ethereum/Bitcoin (ETH/BTC) pair is signaling a significant opportunity for altcoins.
However, Pizzino cautions that altcoins may experience further decline before a market sentiment shift triggers a rally.
“ETH/BTC saw a bounce in November, but it has yet to surpass the critical 4% level. The key level to watch for an upward price surge is 0.046 [BTC].
This level would indicate an overbalance in price to the upside, coupled with sustained market optimism and belief in the upward trajectory of these assets.
While we have not reached that point yet, it is reasonable to expect further consolidation until we see that extreme excitement for a bullish trend.”
According to the analyst, ETH/BTC is currently replicating the pattern observed in 2020 before a significant surge.
“Similar to December 2020, we anticipate a substantial move following a surge in volume. In January 2021, we witnessed a similar pattern with increased volume and price movement.
The key is sustained support at crucial levels, indicating buyer commitment and price stability. This is the signal we are waiting for, which has not materialized yet in the ETH/BTC chart.”
As of the time of writing, ETH/BTC is valued at 0.0342 BTC ($3,264.68).
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