A cryptocurrency analyst with a lot of fans says that the leading altcoin Ethereum (ETH) is ready for a parabolic rally, and the risk-reward ratio of the leading crypto-bitcoin (BTC) looks attractive.
The analyst expects the boom of the leading altcoin
A cryptocurrency analyst nicknamed TechDev informs his 393,000 Twitter followers that the leading Ethereum altcoin currently reflects a pattern of bearish price movement from late 2016 and early 2017 and before the ETH explosion:
According to the analyst’s chart, the crypto strategist believes that ETH is ready to rally to the range of $24,000, or about 780% of current prices, as the Ethereum volume and momentum indicator indicates that the correction for the leading smart contract platform is over.
According to CoinMarketCap, at the time of writing, Ethereum was trading at $2,564, having lost 4.75% in the last 24 hours. The leading altcoin is currently 47% below its historical high of around $4,900.
TechDev: Panic will lead to nothing!
Looking at the leading crypto-bitcoin (BTC), TechDev says that the largest crypto asset by market capitalization is in the bullish accumulation zone, despite the uncertain mood and price behavior:
THE REVERSE SYMMETRY OF BITCOIN LOOKS STRONG. THE ASYMMETRY PERSISTS. THE BUILDING IS STILL THERE. PANIC TAKES YOU WHERE.
The cryptocurrency analyst, whose views we have included in the Somanews news, also draws attention to some intra-network developments that are taking place behind the scenes of Bitcoin. The analyst looks at the data of the Blockchain analytics company Glasnode, which recorded the percentage of BTC that has not moved for at least a year. The analyst notes that the historical highs of the indicator, as a rule, coincide with the beginning of the bottom and bullish movement in bitcoin:
THE PERCENTAGE OF BITCOIN SUPPLY ACTIVE MORE THAN A YEAR AGO ON ATH WITH THE LAST 100-DAY COEFFICIENT OF CHANGE.
At the time of writing, the leading cryptocurrency was trading at $34,530, which is 3.96% less per day. Bitcoin is currently 50% below its $69,000 ATH.