Former Goldman Sachs executive and macro guru, Raoul Pal, has made a bold prediction, projecting that Ethereum ETH/USD could surge by over 75% by December.
What Happened: Pal took to X, to share his thoughts on the matter, “Technically speaking – ETH is a gorgeous, gorgeous chart.”
According to his chart, Pal envisions ETH reaching $3,250 by the end of the year. At the time of writing, ETH was trading at $1833.
As Pal shares his optimistic outlook, he is not alone in his beliefs. Analysts in the crypto community are also pinpointing a bullish streak for Ethereum. Crypto Tony expressed his perspective on Twitter, stating, “$2,000 $ETH is only a few weeks away, I would say personally. The Altcoin market looks to be heating up nicely.”
Another analyst, under the pseudonym Mayne, highlighted the strength of Ethereum’s signal within their system. They tweeted, “$ETH This is a really strong HTF (high time frame) signal for my system. Weekly SFP (swing failure pattern) + breaker on ETH. I’m already super longer, looking to add more.”
Adding weight to these sentiments, veteran trader Peter Brandt chimed in, saying, “Another example of classical charting principles. Completion today of a small 9-day flag reconfirms Oct 23 completion of right-angled expanding triangle $ETH.”
Brandt’s statement about the completion of a small 9-day flag and a right-angled expanding triangle for Ethereum suggests a positive outlook. These chart patterns are commonly seen as bullish signals in classical technical analysis. Their completion indicates potential upward momentum for ETH, further supporting the predictions of a bullish streak in the near future.
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Why It Matters: Pal’s bullish perspective on Ethereum is in line with his previous statements about the crypto market. Speaking at Mainnet 2023 in September, he expressed his belief that Ethereum is a faster-growing asset than Bitcoin over time.
Additionally, Pal predicted that Solana SOL/USD would outperform Bitcoin BTC/USD significantly. “SOL will massively outperform BTC. The bulk of my investments are in ETH, then SOL, BTC, etc.,” he commented.
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