Popular crypto analyst Nicholas Merten says Ethereum (ETH) is flashing an “incredibly bullish” technical pattern against Bitcoin (BTC).
Merten tells his 487,000 YouTube subscribers that ETH recently hit its highest level against Bitcoin since May 2018.
“This is incredibly bullish. You guys have to be able to look at this chart and realize that this type of technical pattern — a first initial super breakout here in price, after having multiple higher lows and higher highs, getting out of the capitulation or accumulation phase… This is an incredibly bullish chart.
You could remove the labels, you could remove ETH/BTC, whatever, I don’t care. If I look at this chart, I’m telling you guys — it’s bullish, plain and simple.”
Merten assures his subscribers that he isn’t suggesting Ethereum is going to go to $20,000 overnight. However, he does predict that overall altcoin dominance of the crypto market could hit an all-time high next month, four years after a previous all-time high was set in January 2018.
Says the analyst,
“Institutions, whales, everyday investors, all of us are watching these kinds of metrics, and it’s making us start to rethink that maybe alternative layer ones aren’t the only value proposition to watch for in the market.
Maybe just being long Bitcoin isn’t the best take.”
Merten says only “time will have to tell” if Ethereum flips Bitcoin, but he argues the probability of that happening is getting “more and more likely.” The second biggest crypto asset by market cap is trading at $4,318 at time of writing.
Ethereum’s market cap sits around $512.5 billion at time of writing, compared to Bitcoin’s, which is currently around $955.1 billion.
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