Ethereum Set to Rally
A widely followed crypto analyst says Ethereum (ETH) is primed for a parabolic rally and that Bitcoin’s (BTC) risk-reward ratio looks attractive.
The pseudonymous analyst known as TechDev tells his 393,000 Twitter followers that Ethereum is currently mirroring a pattern from late 2016 and early 2017, where ETH printed bearish-looking price action before exploding.
“Update on ETH idea.”
According to TechDev’s chart, the crypto strategist believes ETH is set for a rally to the $24,000 range, or about a 780% rally from current prices, as Ethereum’s volume and momentum indicator suggest the end of the correction for the leading smart contract platform.
BTC Metric Predicting Bull Run
Looking at Bitcoin (BTC), TechDev says the largest crypto asset by market cap is in a bullish accumulation zone despite uncertain sentiment and price action.
“Bitcoin upside asymmetry looks strong… Asymmetry still there. Accumulation still there. Panic gets you nowhere.”
The popular crypto analyst also has his eye on some on-chain developments brewing behind the scenes in Bitcoin. TechDev looks at data from blockchain analytics firm Glasnode that records the percentage of BTC that hasn’t moved in at least a year.
The analyst points out that all-time highs (ATHs) in the metric tend to coincide with bottoms and the beginning of bull runs in Bitcoin.
“Bitcoin % supply last active over one year ago at ATH with 100 day rate-of-change rollover.”
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Celrbug.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods or services mentioned in this article.
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Celrbug.com makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Celrbug.com is not an investment advisor. We do not give personalized investment other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
Featured Image: Shutterstock/Timofeev Vladimir
