Raoul Pal, co-founder and CEO of Real Vision, announced bullish expectations about an altcoin. According to a recent tweet, Pal remains bullish on the leading altcoin Ethereum (ETH). In this respect, he examines the Bitcoin and Ethereum parity. Here are the details…
Raoul Pal on the rise for the leading altcoin
Ethereum has been one of the most consistent winners for over 10 days. It has increased by more than 25 percent. Raoul Pal, a famous fund manager, drew attention to the leading altcoin Ethereum in his latest statements. Bullish on ETH, Pal believes that the ETH/BTC pair is currently displaying the “most bullish asset price chart”. However, it is worth noting that Pal has previously conveyed his expectations that ETH will jump. Therefore, it may be good to be cautious of the expert’s estimates.
cryptocoin.com As we reported, Pal said in September of last year that the Ethereum price would reach $20,000 by the end of the year. He also repeated his bullish call after Ethereum peaked in November. But as it is known, ETH was affected by the general market and the price of Bitcoin.
ETH/BTC pair at local tops
ETH is currently trading at 0.077 against BTC. On this chart, it is in the green for the third consecutive day. The ETH/BTC pair hit a local top of 0.085 BTC on September 8. But later, ETH, which rose with Merge on September 15, faced selling. ETH, which has risen to Merge, has lost more than 12 percent after this update. Ethereum peaked at 0.088 BTC last December during the cycle in question, before the last bull run came to a halt. Still, it’s worth noting that the ETH/BTC pair is 50 percent below the all-time high of 0.156, reached in June 2017.
The amount of ETH sent to exchanges is on the rise
Meanwhile, some data points out that the amount of ETH sent to exchanges has increased. ETH price has been affected by the action of the bulls. The bulls did a good job bringing prices from the $1,300 high to $1,585. Although Ethereum price has been doing pretty well, it failed to break the $1,600 resistance.
Meanwhile, the falling active addresses reveal the declining market confidence of the participants. However, another worrying trend is that the number of Ethereum addresses holding over 10,000 ETH has reached a 7-month low of 1,158 addresses. This seems to indicate that whale holdings were profiting during the recent upswing. Also, sending these coins to exchanges could mean that investors are reducing their holdings as Ethereum price action weakens.
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