A widely followed crypto analyst says Ethereum and altcoins are gearing up for an uptrend as ETH shows the same pattern as in 2020.
In a new video update, crypto strategist Jason Pizzino tells his 344,000 YouTube subscribers that the Ethereum/Bitcoin (ETH/BTC) pair signals a “big altcoin signal.”
However, he warns that altcoins need to fall a little further before market sentiment changes and triggers a rally.
“ETH/BTC saw a rally in November, but again it still hasn’t broken through at least the 4% level, and the main level I’m watching for price overbalance is here at 0.046 [BTC].
That will give us a price overweight to the upside and ideally if [the 0.032 BTC] If the low is not cleared, overweight will also occur over time and that would be the important altcoin signal when everyone has this extreme greed, excitement and belief that these markets just won’t go down again.
Since we’re not there yet, I don’t think it’s too crazy to think that at least some further consolidation would happen, but until that happens, you probably won’t feel the same extreme excitement…
