Financial expert and former Goldman Sachs banker Raoul Pal sees a positive future for Ethereum (ETH). On the social media platform
De ‘Mega Wedge’
A commonly used indicator for predicting the Ethereum price is the ETH/BTC trading pair. This chart shows the value of Ethereum against Bitcoin. Historically, the price trend of this pair shows patterns where the value of ETH against BTC increases in a bull market.
Over the past year, Ethereum has experienced a decline in value against Bitcoin, but it appears that this trend is being reversed. Financial expert Raoul Pal notes that ETH price is about to break out of a ‘wedge’ pattern, a trend that has persisted since 2017 and which Pal calls the ‘mega wedge’. These patterns suggest that the longer the pattern forms, the more powerful the breakout will be.
“The ETH/BTC chart is poised for a huge jump, with the impending breakout of the ‘mega wedge’. Let’s wait and see how this unfolds,” Raoul Pal says in his analysis.
How far can the Ethereum price rise?
What could the identified pattern mean for the future price of Ethereum? Although Raoul Pal does not make concrete price predictions, some analysts anticipate a possible rise in the Ethereum price to around $3,400 or even $4,000.
These predictions are based on the Fibonacci retracement levels, a commonly used technique in technical analysis for determining potential support and resistance levels.
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Source: https://newsbit.nl/crypto-analist-wijst-op-ethereum-mega-wedge-die-koers-omhoog-zal-laten-schieten/
