Raoul Pal, the macro guru and CEO of Real Vision, has recently shared his bullish outlook on Ethereum (ETH), predicting an explosive move for the leading smart contract platform. In a YouTube strategy session, Pal highlighted a bullish wedge pattern forming on Ethereum’s weekly chart, signaling a potential breakout for the top altcoin.
According to Pal, the breakout could happen as early as this month, with a possible retest in January for liquidity. Alternatively, Ethereum could experience a brief pullback before surging through the wedge pattern. Pal emphasized the significance of this pattern, suggesting that a major move is on the horizon for Ethereum.
Additionally, Pal pointed out that Ethereum paired against Bitcoin (ETH/BTC) could see a significant uptrend based on the ISM Manufacturing Index, which serves as an indicator of the health of the US economy. He explained that as the ISM index rises, Ethereum tends to outperform Bitcoin, driven by increased confidence in the economy and higher disposable income.
Furthermore, Pal highlighted that ETH/BTC is also forming a bullish wedge pattern on its weekly chart. He noted that Ethereum has maintained its value relative to Bitcoin since 2017, indicating its long-term sustainability. Pal expressed optimism about a potential breakout in the ETH/BTC pair, which could lead to Ethereum outperforming Bitcoin even further.
As of the time of writing, ETH/BTC is trading at 0.03501 BTC ($3,354). With the bullish patterns forming on Ethereum’s charts and the positive outlook shared by Pal, investors and traders may be keeping a close eye on Ethereum as it gears up for a potential explosive move in the near future.
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