Raoul Pal, CEO of Real Vision and a macro-guru, believes Ethereum is about to explode.
Pal, in a recent YouTube session on strategy, says the most popular smart contract platform based on volume has formed a wedge-shaped pattern that is bullish, preparing the altcoin for an upcoming breakout.
The weekly chart for Ethereum is very close to breaking out. “The weekly chart of Ethereum hasn’t yet broken out, but it’s very close.”
Pal believes Ethereum (ETH/BTC), paired with Bitcoin, could also shoot up on the basis of the ISM Manufacturing Index. This index is considered an indicator for the US economic health.
The business cycle coincidentally explains the Ethereum/Bitcoin crossover. As the ISM begins to rise, ETH will start outperforming Bitcoin. Why is this? It’s because ISM is a measure of confidence in the economy.
As the ISM increases, people feel more confident and more comfortable. Business cycle is better. Our earnings are a little higher. We’re earning a little more. We recycle these profits and invest them in higher-risk investments. Ethereum .” is one of those.
Former Goldman Sachs executive notes that ETH/BTC also forms a bullish triangle on its chart.
It’s another wedge. Here is the ETH/Bitcoin cross for this week. Take a look at the overall picture. ETH is basically at the same price as Bitcoin in 2017 compared to ETH. This is important because it has maintained its value. This shows this is a thing that’s been around for a while.
My base case is that we breakout and ETH outperforms.” I think we will break out and ETH will be able to beat .”
At the time of this writing, ETH/BTC trades for $0.03501 BTC (about $3354).
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Raoul Pal says Ethereum signals a very big move ahead. This article may change as new information becomes available.
