Analyst Jason Pizzino stated that Ethereum and altcoins are preparing for a breakout, as ETH is reflecting a similar pattern to that of 2020.

According to Pizzino, the ETH/BTC pair is currently sending out a 'big signal for altcoins'. However, he also warns that altcoins may continue to decline before market sentiment changes and enters a bullish phase.

"The ETH/BTC pair recorded a recovery in November, but has not yet surpassed the 4% increase. The key level I am watching to assess the price difference is 0.046 BTC. If the price breaks above this threshold, we will witness a price imbalance in the upward direction. Ideally, if the low of 0.032 BTC is not broken, the price will maintain the imbalance for a long time, when everyone has extreme greed, excitement, and confidence that these markets will never drop back again."

The market has not yet reached this point, so I think the price will continue to consolidate. However, until that happens, you may not see the same extreme excitement as before when the market surged.

ETH/BTC 1 month chart | Source: Jason Pizzino

According to the analyst, the ETH/BTC chart is currently reflecting a similar pattern to that of 2020 before the price surged.

"This is similar to what happened in December 2020, and what followed in January 2021 was a major growth: trading volume surged, the market reversed strongly..."

Let's take a look back at January 2021. The actual volume increased at the beginning of the month and then suddenly reversed. On December 27, 2020, the price began to rise, and by January 3, 2021, there was a strong upward movement. On January 3 and 4, ETH/BTC began breaking through previous peaks and then consolidated above those support levels.

The price rose about 3% before pulling back - although it decreased, it provided the necessary balance, meaning that the number of buyers was greater over a long period, and the price was maintained at a high level. That's exactly what the market needs, but it has not yet appeared on the ETH/BTC chart.



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