Compared to Bitcoin, a well-known 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 holding strong. I still think it’s a good time to buy before the ETF – is it already priced in? Probably. But ETH is almost guaranteed to hit a new all-time high before 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 retail Ethereum 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 start in about three months.
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High time frame $BTC chart still lacks clarity, to be honest. The 200-day Exponential Moving Average (EMA) around range lows is appealing, but the gap between price and the EMA isn’t large enough to automatically bid in my opinion.
Price is still within an overall high time frame range between 73-56k, but things look bearish in the short term.
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-Altcoin Sherpa (@AltcoinSherpa) July 3, 2024
Sherpa believes that although altcoins are currently being sold off, there may be a recovery towards the end of the year, especially if Bitcoin stabilizes.
