Believers in Ethereum (ETH) may have a promising opportunity on the horizon, as highlighted by Ki Young Ju, the founder and CEO of digital asset analytics firm CryptoQuant. Young Ju recently shared on X that the ETH/Bitcoin (BTC) Net Unrealized Profit/Loss level has hit a four-year low, indicating potential for growth.
Despite Ethereum’s lagging performance compared to Bitcoin, ETH holders are experiencing losses without realizing them, similar to levels seen during its early 2020 bottom. This could present an opportunity for those who believe in the potential of Ethereum as a valuable asset.
Young Ju also pointed out that ETH is becoming less correlated with BTC, with the 180-day BTC-ETH Pearson correlation reaching a three-year low. This means that a 10% increase in Bitcoin may only result in a 3% gain for Ethereum, indicating that each asset is now charting its own course independent of one another.
Joining Young Ju in his bullish sentiment towards Ethereum is former Goldman Sachs executive Raoul Pal, who sees ETH as poised for significant gains. Pal compared Ethereum’s current chart to Bitcoin’s trajectory between 2011 and 2019, suggesting that ETH could see a notable acceleration in its value moving forward.
As of the time of writing, ETH is trading at $3,054, with a slight decrease of more than 1% over the past 24 hours. Despite this minor dip, both Young Ju and Raoul Pal remain optimistic about Ethereum’s potential for growth in the near future.
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