A widely followed crypto analyst claims that Ethereum and altcoins are preparing for a rise as ETH prints the same pattern as in 2020.
In a new video update, crypto strategist Jason Pizzino tells his 344,000 YouTube subscribers that the Ethereum/Bitcoin (ETH/BTC) pair is sending out a “major altcoin signal.”
However, he warns that altcoins still have to fall a bit before market sentiment turns and triggers a rally.
“ETH/BTC rebounded in November, but again it still hasn’t gotten above at least the 4% level and the major level I’m watching here for price imbalance is 0.046 (BTC).
This is going to give us an upward price imbalance and ideally, if the low (0.032 BTC) is not removed, it will also be unbalanced over time and that would be that major altcoin signal, when everyone has that extreme . greed, enthusiasm and the belief that these markets just aren’t going to come back down.
We’re not there yet, so I don’t think it’s too crazy to think that we would at least see some further consolidation, but until that happens, you’re probably not going to feel the same extreme enthusiasm on the rise.
According to the trader, ETH/BTC reflects the same pattern as in 2020 before taking off.
“It’s similar to what happened in December 2020 and what followed December 2020 is your huge January bar: big, big volume, big reversal…
Back to January (2021). YesYou start to see that volume increase early on and come back out of nowhere. You can see (December 27, 2020) that it started to pick up and (on) January 3 (2021), (a) nice big movement. The third and fourth of January (ETH/BTC) begins to break above these highs and then consolidate above these support levels.
You can see they’re around 3%, and then they started moving again – sure, they came back down, but that gives you the imbalance you’re looking for, which means more buyers for a longer period of time and they hold. the price rising. This is exactly what we need to see, and we haven’t seen it yet with the ETH/BTC chart.
ETH/BTC is valued at 0.0342 BTC ($3,264.68) at the time of writing.
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