A widely followed crypto analyst says that Ethereum (ETH) could pull off an unexpected rally back to its highs around $4,800 when hype over the ETH 2.0 merge builds up.
The pseudonymous analyst known as Kaleo tells his 530,000 Twitter followers that ETH has the best chance of any crypto asset to run to all-time highs despite the broader downtrend in the digital asset market.
Kaleo says that as Ethereum’s merge to proof-of-stake approaches, a narrative of the “flippening” will emerge, which is the forecast that ETH’s market cap could surpass that of Bitcoin’s.
“If anything has a chance of making it back to the highs from here it’s ETH.
Say BTC runs up to $32,000 or so and ETH/BTC manages to retest the previous all-time high of 0.15 BTC ($3,564) pre merge, you’re looking at an ETH price of $4800.
Don’t think we see much past that, but the hype of the flippening narrative will be the only thing you see on the timeline if ETH gets anywhere close to those levels. When we’re there, we’re most likely at peak euphoria, and you should definitely consider taking profit.”
Although Kaleo says the possibility of Ethereum to all-time highs is on the table, he says it is more likely for the ETH/BTC pair to rally to around 0.112 BTC ($2,661), a level not seen since January of 2018.
“Higher likelihood scenario in my opinion is most likely resistance at market cap ratio all-time high of 0.72, which is a 56% hike from where we are now, equating to an ETH/BTC ratio of closer to 0.112 and a respective ETH price of ~$3600 given the $32,000 BTC scenario above.
You can obviously transitively apply that ratio to your BTC target. For example, my range I’m looking at is $28,000 – $33,000, so ETH range of $3,100 – $3,700.”
At time of writing, Ethereum is trading at $1,705, up 11% in the last seven days.
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The post Ethereum Could Unexpectedly Explode Back to New All-Time Highs Amid ETH 2.0 Hype, Says Top Trader appeared first on The Daily Hodl.
