Real Vision CEO Raoul Pal, as one of the leading figures in the cryptocurrency world, made a positive assessment of Ethereum (ETH). Pal explained that Ethereum’s fundamental indicators point to a bullish trend and offered an important perspective based on various analyzes to evaluate the future potential of the crypto asset.
Pal says Ethereum’s zoomed-out chart is one of the bullish charts he’s seen in the cryptocurrency world. stated. The market expert thinks that the altcoin price action continues to show an upward trend.
Moreover, according to Pal, Ethereum’s market structure closely reflects increased market liquidity.
Pal explained that Ethereum’s short-term outlook is also quite positive. Stating that Ethereum has formed a cup handle pattern, which is a potential bullish harbinger, after completing a bullish flag pattern, Pal states that this could be an important signal for investors. In particular, he emphasizes that if Ethereum makes a close above $2,150, the uptrend could strengthen further.
“Speaking of Ethereum, we are currently in the process of testing very important levels. We have been highlighting the bull flag chart pattern (which we recently broke) on Ethereum for a few weeks now, and it looks like we may be forming a larger cup and handle pattern. A close above $2,150 would be very positive. “It is a coin to watch out for.”
NEWS CONTINUES BELOW
Additionally, ETH breaking the wedge pattern at $2,087 on the weekly chart indicates that Ethereum may enter a long-term uptrend, according to Pal. This means that Ethereum could surpass technically important levels and attract a wider audience of investors.
“If we zoom out using weekly data, Ethereum has already broken out of its near-perfect wedge pattern; “This is a very bullish chart.”
At the time of writing, the leading altcoin Ethereum is trading at $2,038, up 1.5% in the last 24 hours.
You can follow the current price movement here.