A prominent figure in the cryptocurrency market, known for their insightful trading analysis, is currently optimistic about Ethereum (ETH) when compared to Bitcoin (BTC).
During a recent market overview, the well-known crypto strategist, Altcoin Sherpa, shared with his substantial following of 217,800 on social media platform X that the Ethereum/Bitcoin (ETH/BTC) trading pair is maintaining its strength.
Sherpa points out that the ETH/BTC pair is well-positioned for those looking to enter long positions, especially with the U.S. Securities and Exchange Commission (SEC) potentially greenlighting Ethereum-based exchange-traded funds (ETFs). He confidently predicts that Ethereum will reach new all-time highs before the year’s end.
*Source: Altcoin Sherpa/X*
At the moment, Ethereum’s value stands at 0.05457 BTC, equivalent to $3,142, and would require an approximate 187% increase to match its previous peak of 0.15636 BTC seen in November 2021.
Turning attention to Bitcoin, the leading cryptocurrency, Sherpa notes that its price is fluctuating within a high-range bracket of $73,000 to $56,000, though it appears to be facing downward pressure in the short term.
*Source: Altcoin Sherpa/X*
In his final analysis, Sherpa suggests that the altcoin market could enter a bullish phase in about three months’ time. Despite the ongoing sell-off in altcoins, he remains skeptical about the prospects of a mid-year altcoin season. He speculates that while Ethereum ETFs might attract some interest, a robust Bitcoin is essential for a broader altcoin rally. Nevertheless, he holds a cautious stance, anticipating a period of market consolidation before potentially experiencing a strong final quarter.
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*Disclaimer: The views expressed by The Daily Hodl do not constitute financial advice. Before engaging in high-risk investments in Bitcoin, cryptocurrencies, or digital assets, investors are advised to conduct thorough research. It is important to note that any transactions or trades you undertake are solely your responsibility, and any resulting losses are your own. The Daily Hodl does not endorse the purchase or sale of any cryptocurrencies or digital assets and is not a financial advisor. The Daily Hodl is involved in affiliate marketing.*
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