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Ethereum Prepare for Parabolic Rally as Bitcoin Upside Looks Strong: Crypto Analyst

A popular cryptanalyst says Ethereum (ETH) is prepared for a parabolic rally and the risk/reward ratio of Bitcoin (BTC) looks attractive.
That’s what pseudonymous analyst TechDev tells his 393,000 Twitter followers. Ethereum is currently reflecting a pattern from late 2016 and early 2017, when ETH printed a bearish-looking price action before exploding.

«Update on the ETH idea.»
Ethereum Prepare for Parabolic Rally as Bitcoin Upside Looks Strong: Crypto Analyst, Crypto Trading NewsSource: TechDev/Twitter
According to TechDev’s chart, the crypto strategist believes ETH is set for a rally into the $24,000 area, or a roughly 780% rally from current prices. Ethereum’s volume and momentum indicator is pointing to the end of the correction for the leading smart contract platform.

Looking at Bitcoin (BTC), TechDev says the largest crypto asset is market capitalization in a bullish accumulation zone despite uncertain sentiment and price action.

“Bitcoin upside asymmetry looks strong… asymmetry still there. collection still there. Panic will get you nowhere.”
Ethereum Prepare for Parabolic Rally as Bitcoin Upside Looks Strong: Crypto Analyst, Crypto Trading NewsSource: TechDev/Twitter
The popular crypto analyst has also kept an eye on some on-chain developments brewing behind the scenes of Bitcoin. TechDev examines data from the Blockchain-Analytics firm Glasnode, which tracks the percentage of BTC that hasn’t moved in at least a year.

The analyst points out that all-time highs (ATHs) on the metric tend to coincide with bottoms and the start of bull runs in Bitcoin.

“Bitcoin percentage last active over a year ago at ATH with 100-day rate of change.”

Ethereum Prepare for Parabolic Rally as Bitcoin Upside Looks Strong: Crypto Analyst, Crypto Trading NewsSource: TechDev/Glassnode/Twitter

Check the price action

Source: Crypto News Deutsch

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