Raoul Pal expects Ethereum to make a big price move.
The ETH/BTC chart shows a bull flag formation. Also, the ISM Manufacturing Index may affect Ethereum's performance.$ETH
Ethereum (ETH) is currently trading at $3,320.3, and renowned financial expert Raoul Pal believes that Ethereum is on the verge of an explosive move. Real Vision CEO Pal noted that a bull flag formation on Ethereum’s weekly chart could trigger a significant price rally. “Ethereum’s weekly chart hasn’t broken out yet, but it’s getting very close. This pattern is a strong pattern in the cryptocurrency market and a sign of a big move,” he said.
Raoul Pal said that Ethereum is also showing a similar bull flag formation against Bitcoin (ETH/BTC). He emphasized that this formation shows that Ethereum is gaining value in the long term and a significant rise is imminent. ETH/BTC is currently trading at 0.03501 BTC (about $3,354). "Ethereum is at the same level as in 2017 and has maintained its value over time. If there is a bounce from this formation, there is a high probability that Ethereum will surpass Bitcoin," Pal said.
Pal stated that ETH/BTC could reach much higher levels if it makes an upward move from the base channel. Although it is also possible for prices to move in a wider range, the basic scenario is that Ethereum makes an upward breakout and takes the lead against Bitcoin.
Another factor supporting Ethereum’s potential rise is the ISM Manufacturing Index, which measures the US economy. “An increase in the ISM Index could allow Ethereum to outperform Bitcoin. This is related to increased confidence in the economy and the ability of businesses to generate free cash flows,” Pal said.
Pal predicts that there may be a temporary pullback in the Ethereum price in January due to liquidity shortages, but then a significant explosion may occur. He recommends investors to carefully follow both technical and economic indicators of Ethereum. He believes that these analyzes can create significant opportunities in the cryptocurrency market.
