According to popular cryptocurrency researcher Nicholas Merten, Ethereum (ETH) is displaying an “extremely bullish” technical pattern against Bitcoin (BTC).
Merten informs his 487,000 YouTube fans that Ethereum (ETH) has reached its highest level versus Bitcoin since May 2018.
“This is really bullish. You must be able to look at this chart and see that this sort of technical pattern — a first mega breakout here in price, following numerous higher lows and higher highs, breaking out of the capitulation or accumulation phase… This is a very positive chart.
You may delete the labels, you can remove ETH/BTC, anything you like, I don’t care. When I look at this chart, I can tell you that it’s bullish, plain, and simple.”
Merten tells his readers that he is not implying that Ethereum would skyrocket to $20,000 overnight. He does, however, forecast that total altcoin dominance in the crypto market will reach an all-time high next month, four years after the last all-time high was achieved in January 2018.
According to the expert,
“Institutions, whales, and regular investors are all monitoring these types of metrics, and it’s making us reconsider that maybe alternate layer ones aren’t the only value propositions to look for in the market.”
Perhaps simply holding Bitcoin isn’t the greatest bet.”
Merten believes that if Ethereum (ETH) flips Bitcoin, “only time will tell,” but that the possibility is becoming “more and more plausible.” At the time of writing, the second most valuable cryptocurrency by market capitalization was trading at $4,318.
At the time of writing, Ethereum’s market cap is about $512.5 billion, whereas Bitcoin’s is now around $955.1 billion.