Real Vision chief executive Raoul Pal says a “spooky” Ethereum (ETH) chart suggests that the second-biggest crypto asset by market cap could have a huge rally by year’s end.
Pal overlaid a current chart depicting ETH’s price movement over the past three months onto a chart showing the price movement of Bitcoin (BTC) in 2017.
The former Goldman Sachs executive argues to his 774,700 Twitter followers that the shape of the two different graphs looks remarkably similar.
“I have been showing this spooky chart of ETH now vs BTC in 2017 in various forms. This is my live CIX (Crypto Index) on Bloomberg…. even nailed this sell-off….to the day and price. What happened next? A 300% rally. From tomorrow (ish).”
Pal says he doesn’t expect ETH to match BTC’s 2017 price action perfectly, though he predicts a 100% to 300% rally for the crypto asset by year’s end.
“Nothing is a [certainty]. After that, it’s a tougher call, but I think it possibly elongates and sees significantly higher prices.”
Ethereum is trading $4,335.22 at time of writing and is up nearly 4% on the day.
Pal also notes that ETH is up 100x against Bitcoin over the past six years.
ETH and BTC aren’t the same thing and that is fine.
Some other token will outperform ETH probably over time too. That is cool too.
The entire space is going up 100x from here. You can choose where you want to be on the risk curve but it’s not even clear ETH is more risky now.
— Raoul Pal (@RaoulGMI) November 14, 2021
