Ethereum (ETH) is on the verge of a significant movement, according to Raoul Pal, a well-known financial expert and CEO of Real Vision. Pal highlighted the formation of a bullish flag pattern on Ethereum’s weekly chart, which suggests that a substantial price increase is imminent. He stated, “The weekly chart for Ethereum has not yet broken, but it is very close. This pattern is a strong signal in the cryptocurrency market and indicates a significant movement.”
Pal also pointed out that Ethereum is exhibiting a similar bullish flag formation against Bitcoin (ETH/BTC). He noted that this pattern demonstrates Ethereum’s ability to maintain its value in the long term, indicating that a significant movement is approaching. Currently, ETH/BTC is trading at 0.03501 BTC ($3,354). Pal remarked, “Ethereum is at the same level as in 2017, and we see it maintaining its value over time. When this pattern breaks, it is likely that Ethereum will outperform Bitcoin.”
Pal emphasized that if ETH/BTC moves upwards from its base channel, it could reach much higher levels. Alternatively, it may trade within a wider range, but the main scenario anticipates an upward breakout for ETH, allowing it to advance against Bitcoin.
Another factor supporting Ethereum’s movement lies in the ISM Manufacturing Index, which measures the overall health of the U.S. economy. Pal explained, “An increase in the ISM could enable Ethereum to outperform Bitcoin. This would result from confidence in the economy and businesses’ ability to generate free cash flow.”
Pal forecasts that the price could skyrocket following a potential liquidity retest in January. He advised investors to closely monitor both the technical and economic indicators related to Ethereum, as these analyses might present significant opportunities in the cryptocurrency market ahead.
