A broadly adopted crypto analyst says Ethereum (ETH) is primed for a parabolic rally and that Bitcoin’s (BTC) risk-reward ratio appears engaging.
The pseudonymous analyst generally known as TechDev tells his 393,000 Twitter followers that Ethereum is at the moment mirroring a sample from late 2016 and early 2017, the place ETH printed bearish-looking value motion earlier than exploding.
“Replace on ETH concept.”
In response to TechDev’s chart, the crypto strategist believes ETH is ready for a rally to the $24,000 vary, or a couple of 780% rally from present costs, as Ethereum’s quantity and momentum indicator counsel the tip of the correction for the main good contract platform.
Taking a look at Bitcoin (BTC), TechDev says the biggest crypto asset by market cap is in a bullish accumulation zone regardless of unsure sentiment and value motion.
“Bitcoin upside asymmetry appears robust… Asymmetry nonetheless there. Accumulation nonetheless there. Panic will get you nowhere.”
The favored crypto analyst additionally has his eye on some on-chain developments brewing behind the scenes in Bitcoin. TechDev appears at information from blockchain analytics agency Glasnode that information the proportion of BTC that hasn’t moved in a minimum of a 12 months.
The analyst factors out that all-time highs (ATHs) within the metric are inclined to coincide with bottoms and the start of bull runs in Bitcoin.
“Bitcoin % provide final lively over one 12 months in the past at ATH with 100 day rate-of-change rollover.”
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