Top Crypto Analyst Predicts Massive Ethereum (ETH) Rally Will Begin Soon, But There’s a Catch

[ad_1]

A popular cryptocurrency analyst and trader is optimistic that the price of Ethereum (ETH) is about to rise significantly.

Pseudonymous crypto trader Kaleo tells his 552,400 Twitter followers that the second-largest digital asset by market capitalization is on track to rally more than 60% from current levels.

“Ethereum

The rally to $2,000 and above begins soon.

Source: Kaleo/Twitter

Ethereum is trading at $1,225 at the time of writing.

While Kaleo is bullish on Ethereum against the US Dollar, he believes ETH will not do well in his Bitcoin (ETH/BTC) pair.

Earlier this week, the analyst predicted that ETH/BTC would likely continue on a downward trend, suggesting that the crypto king will outperform the smart contract protocol in the coming months.

“ETH/BTC

ETH overtook BTC during the recent squeeze, but was quickly rejected at resistance.

Still looking for this ratio to break lower over the next few months.

Source: Kaleo/Twitter

Keeping the ETH/BTC downtrend in mind, Kaleo says that Bitcoin needs to rise nearly 108% from its current price of $16,840 for the Ethereum rally to occur.

“For this to square with the breakdown of the ETH/BTC ratio, BTC would need to reach around $35,000+”

Kaleo clarifies that a bearish ETH/BTC chart does not mean that Ethereum cannot rally against the dollar.

“If/when the pennant breaks lower and retests high time frame support, I think there is a good chance it will finally break.

This *doesn’t* mean that ETH/USD won’t continue to rise.

Just that BTC overtakes.

Source: Kaleo/TwitterDon’t Miss a Beat Subscribe to receive crypto email alerts straight to your inbox Check the price action Follow us on Twitter, Facebook and Telegram Surf to The Daily Hodl Mix Check the latest news headlines not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and any loss you may incur is your responsibility. The Daily Hodl does not recommend the buying or selling of cryptocurrencies or digital assets, nor is The Daily Hodl an investment adviser. Please note that The Daily Hodl engages in affiliate marketing.

Featured Image: Shutterstock/Terablete

[ad_2]