Ethereum (ETH) believers may be on the verge of an opportunity, according to Ki Yong-joo, founder and CEO of digital asset analysis firm CryptoQuant.
Youngju say 370,400 followers on social media platform X reported that ETH/Bitcoin (BTC) net unrealized P&L levels have just reached a four-year low.
“Despite Ethereum’s underperformance relative to Bitcoin, ETH holders are incurring losses without realizing it. This mirrors the lows in early 2020.
This could be an opportunity for ETH believers. ”
Young Joo too memo This means that the correlation between ETH and BTC is fading.
“The 180-day BTC-ETH Pearson correlation is at a three-year low. Even if Bitcoin rises by 10%, Ethereum may only rise by 3%.
Just because BTC is strong doesn't mean you should buy ETH. Each asset is now following its own path. ”
Yong Ju is not the only cryptocurrency analyst who is bullish on Ethereum. Former Goldman Sachs executive Raul Pal also thinks Ethereum is poised for big gains.
The CEO of RealVision stated that ETH's current chart is trending similarly to Bitcoin's chart from 2011 to 2019.
“Ethereum is trailing Bitcoin last time compared to previous periods. Now, who knows if we will reach our goal of $20,000/ETH here? Doesn't really matter. But , let's see what happens directionally. ETH should accelerate from here, and I'm pretty confident it will.”
ETH is trading at $3,054 at the time of writing. The second-largest cryptocurrency by market capitalization has fallen more than 1% in the past 24 hours.
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