Ethereum (ETH) $3,417.6is on the verge of an explosive move, according to Raoul Pal, a leading financial expert. Real Vision CEO Pal stated that the bull flag formation on Ethereum’s weekly chart paved the way for the price to make a significant jump. “Ethereum’s weekly chart hasn’t been broken yet, but it’s very close. “This formation is a very strong pattern and a harbinger of a big move in the cryptocurrency market,” he said.
A Bull Flag Is Seen on the ETH/BTC Chart
Raoul Pal, Ethereum’s Bitcoin 
$96,653.7 He stated that it displayed a similar bull flag formation against (ETH/BTC). He said that this formation shows that Ethereum maintains its value in the long term and that a significant move is imminent. Currently, ETH/BTC is trading at 0.03501 BTC ($3,354). Pal said, “We see that Ethereum is at the same point as it was in 2017 and maintains its value over time. “Once there is a bounce from this formation, it is possible that Ethereum will surpass Bitcoin,” he said.
Pal emphasized that ETH/BTC could reach much higher levels if it makes an upward move from the base channel. Alternatively, he stated that it could follow a wider range, but the basic scenario is that ETH breaks upwards and takes the lead against Bitcoin.
Economic Indicators Support Ethereum
Another factor supporting Ethereum’s move is the ISM Manufacturing Index, which measures the overall health of the US economy. Pal said, “The rise of ISM could allow Ethereum to outperform Bitcoin. “This will be a result of confidence in the economy and the ability of businesses to generate free cash flow,” he said.
Predicting that the price may explode after a possible backtest caused by liquidity in January, Pal said that investors should carefully follow both technical and economic indicators of Ethereum. These analyzes may offer important opportunities in the cryptocurrency market in the coming period.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
