Real Vision CEO Raoul Pal says Ethereum’s (ETH) technicals and fundamentals suggest the second-largest cryptocurrency may massively outperform Bitcoin (BTC) in the coming cycle.
In a new interview on the crypto-focused YouTube channel Altcoin Daily, Pal says he has his eye on the chart of Ethereum against Bitcoin (ETH/BTC).
According to the macro guru, the ETH/BTC pair is coiling inside a wedge, and a breakout could send ETH into a rally that leaves Bitcoin in the back seat.
“There’s the chart of Ethereum versus Bitcoin. That’s one hell of a wedge.
If that plays out, then we should see ETH doing 1x, 2x, 3x, 4x [or] 5x Bitcoin in the next run. And ETH probably won’t be the best performing crypto either.”
According to Pal, the ETH/BTC pair must take out resistance at around 0.077 BTC ($2,115) to confirm the breakout. At time of writing, ETH/BTC is trading for 0.0639 BTC ($1,755).
As for Ethereum’s fundamentals, the Real Vision executive believes that the leading smart contract platform’s total addressable market is much larger than Bitcoin’s.
“Ethereum is a broader basis architectural protocol of which we can build more stuff on top of. Bitcoin just doesn’t do that. It has a different use case. So it’s unlikely to be as big.
Is the internet worth more than gold? Yes, simple as that, and that’s basically the argument here.”
At time of writing, Ethereum worth $1,758.
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