Raoul Pal, macro guru and CEO of Real Vision, believes Ethereum (ETH) is preparing for an explosive move.
In a new YouTube strategy session, Pal says the leading smart contract platform by volume is forming a bullish wedge pattern on its weekly chart, setting the top altcoin up for a breakout.
“Ethereum’s weekly chart has not broken out yet, but it is very close. So whether we break out this month, which is my guess, and then maybe retest the liquidity pullback in January, or whether we pull back here for a while and then explode after that, either way, to me, this chart, this wedge pattern, is one “One of the most powerful patterns in the entire crypto world and suggests that we are in for a very big step in Ethereum.”
Pal also believes that the Ethereum pair against Bitcoin (ETH/BTC) could surge based on the ISM Manufacturing Index, which is considered an indicator of the health of the US economy.
“The business cycle is the coinciding factor for the Ethereum/Bitcoin cross. So this means that ETH is starting to outperform Bitcoin as ISM rises. And why is that? Well, it is a function of the ISM to determine confidence in the economy,…
