As analysts examine the BTC bear case, leading altcoin Ethereum is “about to be parabolic” against Bitcoin. One analyst believes that Ethereum’s Ether token will launch a “parabolic” attack on BTC to hit all-time highs, predicting a “crazy” 2-week ETH move. Detail cryptocoin.com‘in.
Is the leading altcoin going parabolic?
According to the analyst, the data shows that ETH/BTC is close to three-year highs. Bitcoin versus Ethereum is one of the few bullish narratives in the short-term crypto markets this month. In a tweet on Dec. 3, popular Twitter account Galaxy bolstered the optimistic forecasts for the largest altcoin, even suggesting that ETH/BTC is about to eclipse its already strong performance with a vertical move. To his followers: “I’ve been waiting for ETH/BTC in the big picture for years. ETH is about to enter parabolic mode. Just wait and see how crazy things get.”
ETH/BTC hit 0.085 this week, hitting the highest level since a brief rally in May this year. In USD terms, the picture is similarly promising, with Ethereum breaking new repeated records in early November and has since remained within 20% of $5,000. As part of his Ethereum comments, fellow trader Pentoshi tweeted: “In theory this should be the part where we see strong run based on structure, if strength continues.” ETH/USD was trading around $4,550 at the time of writing, although not everything points to a drop below the $5,000 level.
Meanwhile, the mood for Bitcoin remains conservative. After a few weeks of low price performance, analysts are starting to put more trust in their “bearish” theses as BTC apparently continues to rise. On-chain metrics similarly offer little cause for concern, but small clues such as long-term sales owner, sales activity indicate waning belief.
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