Crypto analyst ParabolicPump has highlighted key signals indicating a bullish breakout for Ethereum against Bitcoin. His analysis points to several indicators that could signal an upcoming rally for Ethereum.
Per his analysis, ParabolicPump proposes that the market conditions may present an opportunity for investors to venture into altcoins beyond Bitcoin. ParabolicPump anticipates that altcoins could see price appreciation in the months ahead.
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Will ETH Outperform BTC?
ParabolicPump expects ETH to surpass BTC, and subsequently, most altcoins will surpass ETH. This potential trend has led the analyst to advise against bearish sentiment on altcoins.
Several technical indicators support ParabolicPump’s bullish outlook. Ethereum has reclaimed two key levels against Bitcoin on the monthly chart. This move has effectively trapped bearish traders, strengthening the case for an upward trajectory.
The analyst highlights May’s monthly candle as a bullish engulfing pattern. While such patterns can occur randomly, its appearance at a crucial level adds weight to the bullish thesis. ParabolicPump emphasizes the importance of context in technical analysis.
Moreover, a bullish MACD crossover is anticipated in the coming months. This event could inject bullish momentum into the ETH and BTC pair. Additionally, a substantial divergence has formed on the weekly RSI, signaling a potential end to the downtrend.
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Show more +Anticipating an “Epic” Altseason
ParabolicPump notes the significance of longer timeframe signals. The weekly chart’s bullish divergence, though not visible in the shared monthly chart, adds credibility to the bottom formation theory. However, the analyst cautions that closing below the two key levels would invalidate this bullish scenario.
The next objective for bulls will be breaking and holding above the diagonal trendline. ParabolicPump believes this event will mark the beginning of a strong upward move. The analyst suggests that accumulating altcoins at current levels could yield substantial returns.
Interestingly, ParabolicPump draws parallels between the current market sentiment and the bottom of the previous bear market. The analyst observes a pervasive fear and negative sentiment across crypto Twitter, reminiscent of past market bottoms.
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Looking Ahead
Despite the possibility of individual altcoins experiencing further minor drops, ParabolicPump maintains a bullish outlook. The analyst argues that the ETH/BTC chart indicates limited downside potential and upside opportunity.
ParabolicPump encourages investors not to be discouraged by recent market struggles. The analyst believes the best is yet to come, predicting an “epic” altseason in the months ahead.
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