A prominent crypto trader recently shared his bullish outlook on Ethereum (ETH) compared to Bitcoin (BTC). In a strategy session posted on the social platform X, altcoin analyst Sherpa, known by a pseudonym, emphasized that the ETH/BTC pair is “still holding strong.”
Sherpa believes that this pairing is in a favorable position for long-term investments, especially with the potential approval of a spot Ethereum ETF by the SEC. He confidently stated, “It is almost certain that ETH will reach all-time highs before the year ends.”
Currently, Ethereum is trading at 0.05457 BTC (approximately $3,142). To reach its record high of 0.15636 BTC in November 2021, it would need to increase by around 187%.
In a tweet, Altcoin Sherpa (@AltcoinSherpa) expressed his optimism for ETH, mentioning that it is a good entry point before the ETF approval, despite the likelihood of it being already priced in.
When it comes to Bitcoin, often referred to as the king of cryptocurrencies, Sherpa noted, “The price is still within a broad range of $73,000 to $56,000, but the short-term outlook appears bearish.”
Looking ahead, Sherpa anticipates a bullish phase for altcoins to begin in around three months. He remarked, “Altcoins are still experiencing a sell-off, and I don’t foresee it ending soon. While some may have expected an alt season in the summer, I believe a healthy BTC is necessary for that. Though still possible, I remain somewhat pessimistic. It’s probable that we will see a period of consolidation in the coming months, followed by a strong Q4.”
Disclaimer: The opinions expressed in this article are solely for informational purposes and should not be considered as financial or investment advice. Trading or investing in cryptocurrencies carries inherent risks of financial loss.
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