Opinion

Raoul Pal Bullish on Ethereum, ETH price Might Soon Ignite Massive Run

Author: Elena R

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Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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The crypto markets have, once again, taken a turn for the worse. Bitcoin, Ethereum, Solana, Cardano, Binance, and others have fallen in value. Dogecoin, which soared by 105% when Elon Musk bought Twitter, is trading down too, after an 8% fall. Ethereum fell over 1% to $1589. The crypto market volume fell 18% to $73.05 billion in the last 24 hours.

This trend has manifested despite the fact that October has been a bullish month historically. 

While the entire cryptocurrency industry is currently in recovery mode, many forecast that the recent market rally will see more bloodshed, with bigger currencies receiving the brunt of it this time. 

Raoul Pal, co-founder, and CEO of renewed real vision, nevertheless, has put forward an optimistic prediction for Ethereum (ETH).

ETH Is Likely To Rally Further 

Pal believes that the ETH/BTC ratio is currently the “single most consistent asset price chart.”

According to him, Ether is aiming for a third straight day of gains as of the time of publication, trading at 0.077 BTC. The top for the ETH/BTC pair on September 8 was 0.085 BTC. The much-anticipated “Merge” improvement, which turned out to be a “sell the news” event, was followed by a decrease of more than 12%.

Notably, the ETH/BTC pair is still 50% behind its June 2017 all-time high of 0.156.

Salt should be added to Pal’s pricing forecasts. He predicted in September that Ether would reach $20,000 by year’s end, and he was right. When the price of Ethereum reached its all-time high in November, he reaffirmed his positive prediction.

After a 67.36% drop from its all-time high, Ethereum is trading at $1,591 on the Binance platform right now. With recent gains, Bitcoin once again traded above $20,000. On the Binance market, it’s being traded at a price of $20,507.

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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