Ethereum’s prospects of hitting new all-time high are a ‘certainty’, says crypto trader – but there’s a catch

A widely followed crypto analyst believes that Ethereum (ETH) is heading towards new all-time highs (ATH).

Pseudonymous crypto trader Altcoin Sherpa tell his 216,900 followers on social media platform X that ETH will likely have a massive breakout against Bitcoin (ETH/BTC).

However, the trader warns that the 200-week exponential moving average (EMA) continues to act as resistance for the ETH/BTC pair and there could be more downside before a breakout.

“ETH: ETH/BTC has been underperforming for a while now, it’s interesting to see that the 200-week exponential moving average is still bearish (the last time it was bearish like this was in March 2021). It remains to be determined whether this recent price development constitutes “the lowest”. ETH to ATH is still a certainty, but I think it’s still disturbing to watch.

ETH/BTC is trading at 0.05384 BTC ($3,841) at the time of writing, up almost 1% in the last 24 hours. Ethereum reached an all-time high of around $4,900 in November 2021.

The analyst also believes that Bitcoin Dominance (BTC.D), which tracks the percentage of total market cap owned by Bitcoin, will continue to be bullish through the fourth quarter of this year, meaning altcoins could lag behind BTC d ‘here there.

“You should probably accumulate shitcoins by the end of the fourth quarter. Hard to say what the specific timing is, but in my opinion, most alt/BTC pairs will continue to fall. But once the fourth quarter arrives, we expect BTC.D to fall and there will be alternative action.

Source: Altcoin Sherpa/X

Looking at his chart, the analyst suggests that BTC.D will peak at around 64%, around 10% higher than the current level.

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