Compared to Bitcoin, a prominent cryptocurrency trader and analyst is bullish on Ethereum.
During a recent strategic session, analyst Altcoin Sherpa mentioned that the ETH/BTC pair remains stable.
“$ETH: ETHBTC still looking strong. I still think it’s a good time to buy before the ETF – is it already priced in? Probably. But ETH can almost guarantee a new all-time high by the end of the year.”
He noted that the ETH/BTC pair is in a favorable position for long opportunities, especially with the potential approval of Ethereum retail trading exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC).
As for Bitcoin, the expert stated that its price is in a wide range between $73,000 and $56,000, although it appears bearish in the short term. He also mentioned that the bull phase for altcoins may begin in about three months.
Sherpa believes that while altcoins are currently being sold off, a recovery could occur by the end of the year, especially if Bitcoin stabilizes.
Read more:
Grayscale’s Solana Trust trading at a 650% premium
High time frame $BTC chart still no real clarity to be honest. The 200-day EMA around range lows is appealing but the gap between price and the EMA isn’t large enough to auto bid in my opinion. Price still in an overall high time frame range between 73-56k but things obviously look bearish in the short term.
Sherpa’s analysis suggests that despite the current sell-off of altcoins, a recovery may occur towards the end of the year, especially if Bitcoin stabilizes.