Ethereum Gearing Up for Parabolic Rally As Upside Potential for Bitcoin Looks Strong: Crypto Analyst

Daily HodlPublished on 2022-05-09Last updated on 2022-05-09

Abstract

A widely followed crypto analyst says Ethereum (ETH) is primed for a parabolic rally and...

A widely followed crypto analyst says Ethereum (ETH) is primed for a parabolic rally and that Bitcoin’s (BTC) risk-reward ratio looks attractive.
The pseudonymous analyst known as TechDev tells his 393,000 Twitter followers that Ethereum is currently mirroring a pattern from late 2016 and early 2017, where ETH printed bearish-looking price action before exploding.
“Update on ETH idea.”

Source: TechDev/Twitter According to TechDev’s chart, the crypto strategist believes ETH is set for a rally to the $24,000 range, or about a 780% rally from current prices, as Ethereum’s volume and momentum indicator suggest the end of the correction for the leading smart contract platform.
Looking at Bitcoin (BTC), TechDev says the largest crypto asset by market cap is in a bullish accumulation zone despite uncertain sentiment and price action.
“Bitcoin upside asymmetry looks strong… Asymmetry still there. Accumulation still there. Panic gets you nowhere.”

Source: TechDev/Twitter The popular crypto analyst also has his eye on some on-chain developments brewing behind the scenes in Bitcoin. TechDev looks at data from blockchain analytics firm Glasnode that records the percentage of BTC that hasn’t moved in at least a year.
The analyst points out that all-time highs (ATHs) in the metric tend to coincide with bottoms and the beginning of bull runs in Bitcoin.
“Bitcoin % supply last active over one year ago at ATH with 100 day rate-of-change rollover.”

Source: TechDev/Glassnode/Twitter

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