dailyhodl.com
A widely followed crypto analyst believes Ethereum ($ETH) is heading to new all-time highs (ATHs).
Pseudonymous crypto trader Altcoin Sherpa tells his 216,900 followers on the social media platform X that $ETH will likely have a massive breakout against Bitcoin ($ETH/$BTC).
However, the trader warns that the 200-week exponential moving average (EMA) continues to act as resistance for the $ETH/$BTC pair and there may be more downside before a breakout.
“$ETH: $ETH/$BTC has underperformed for a while now, interesting to see that the 200-week exponential moving average is still bearish (last time it was bearish like this was March 2021). To be determined if this recent price action is ‘the bottom.’ $ETH to $ATH is still a certainty, but I think that this is still disturbing to watch.”
$ETH/$BTC is trading for 0.05384 $BTC ($3,841) at time of writing, up nearly 1% in the last 24 hours. Ethereum reached an all-time high of about $4,900 in November 2021.
The analyst also believes that Bitcoin Dominance ($BTC.D), which tracks the percentage of the total market cap that belongs to Bitcoin, will continue to be bullish until the fourth quarter of this year, meaning altcoins could lag behind $BTC until then.
“You should probably accumulate shitcoins from now until late Q4. Hard to say what the particular timing is but most alt/$BTC pairs are going to continue to go down in my opinion. But once Q4 rolls around, expecting $BTC.D to come down and for there to be some alt action.”
Looking at his chart, the analyst suggests $BTC.D will reach a peak level at around 64%, about 10% higher than the current level.