Renowned crypto analyst Altcoin Sherpa predicts that Ethereum (ETH) is on track to reach new all-time highs (ATHs).
Altcoin Sherpa, a popular crypto trader with a following of 216,900 on X, speculates that ETH is poised for a significant breakout against Bitcoin (ETH/BTC). Despite this optimistic outlook, Sherpa cautions that the 200-week exponential moving average (EMA) is acting as a barrier for the ETH/BTC pair, suggesting that there may be further downside before a breakout occurs.
The current price of ETH/BTC stands at 0.05384 BTC ($3,841), showing a nearly 1% increase in the last 24 hours. Ethereum previously hit an ATH of approximately $4,900 in November 2021.
Sherpa also anticipates that Bitcoin Dominance (BTC.D), which monitors the percentage of the total market cap held by Bitcoin, will remain strong until the fourth quarter of the year. This could result in altcoins trailing behind BTC until that time, prompting Sherpa to advise accumulating altcoins until late Q4.
According to Sherpa’s analysis, BTC.D is expected to peak at around 64%, marking a 10% increase from its current level.
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