Raoul Pal: Ethereum is making big moves and may surpass Bitcoin in the future!
Raoul Pal, a macro investment guru and CEO of Real Vision, recently stated in a strategy meeting that both the technical and macro aspects of Ethereum (ETH) have released extremely strong signals:
Weekly Bullish Wedge: Pal pointed out that Ethereum’s weekly chart formed a typical bullish wedge pattern, which means that a breakthrough is imminent. Whether it explodes this month or takes off early next year after a brief correction, this pattern is "one of the most powerful patterns in the cryptocurrency field" and shows that Ethereum is accumulating energy.
Bullish ETH/BTC Ratio: The Ethereum to Bitcoin exchange rate has also formed a bullish wedge on the weekly chart and has maintained a similar value to 2017 in the long term. This shows that the competition between Ethereum and Bitcoin is stable, but it may break through the current range in the future, and ETH is expected to significantly outperform BTC.
Macroeconomic factors boost ETH: Pal emphasized that the ISM Manufacturing Index (a measure of U.S. economic vitality) is highly correlated with the performance of ETH/BTC. As the business cycle recovers and economic confidence increases, more funds will flow into Ethereum, further boosting its performance.
He concluded: "ETH not only has strong technical support, but the cooperation of the macro environment also provides it with excellent growth opportunities. After breaking through the current wedge, we may see a wave of historic market trends."
Will ETH become the star asset of 2024? Macro signals and technical charts give very clear direction. Lao Lin continues to pay attention, and the next developments of Ethereum are worth waiting and watching. Lock me in and never miss the next opportunity!
