Over the last 24 hours, the overall market has been in the red, with Bitcoin down 1.48 percent. In the meantime, Ethereum is down 0.46 percent. Ethereum fell below $4,100 in the afternoon on Thursday, extending its slide into the third day.
Ethereum has given up early gains, making for a mixed morning. This week, bearish momentum in the Ethereum price has returned. After a multi-week surge finished on November 9th with a new all-time high of $4,840, a strong reversal ensued.
The bears, on the other hand, are placing extra pressure on price, and if the bulls fail to maintain this level, it might lead to another crash. In recent weeks, the second-largest cryptocurrency has achieved multiple new all-time highs.
Huge Rally for ETH by Year-End?
A “spooky” Ethereum (ETH) chart, according to Real Vision CEO Raoul Pal, shows that the second-largest crypto asset by market size could see a massive rise by the end of the year.
Pal drew a current chart of ETH’s price movement over the last three months atop a chart of Bitcoin’s (BTC) price movement throughout 2017.
To his 774,700 Twitter followers, the former Goldman Sachs executive argues that the shape of the two graphs is quite similar.
“I have been showing this spooky chart of ETH now vs BTC in 2017 in various forms. This is my live CIX (Crypto Index) on Bloomberg…. even nailed this sell-off….to the day and price. What happened next? A 300% rally. From tomorrow (ish).”
Pal forecasts a 100 percent to 300 percent increase for ETH by the end of the year, though he doesn’t expect it to track BTC’s price action exactly.
“There is no such thing as certainty.” After that, it’s more difficult to say, but I believe it will likely lengthen and result in much higher costs.”