Ethereum ‘about to go parabolic’ against Bitcoin as analysts weigh BTC bear case

Ethereum Ether Token (ETH) must launch a "parabolic" attack on BTC to break through all-time highs, one analyst believes.

2 weeks predicts a "crazy" ETH move

Data of Cointelegraph Markets Pro and TradingView shows that ETH / BTC is near three-year highs, but its next move should be even stronger.

Ethereum versus Bitcoin is one of the few bullish narratives in the short-term cryptocurrency markets this month.

in a cheep On December 3, the popular Galaxy Twitter account bolstered upbeat predictions for the largest altcoin, even suggesting that ETH / BTC is poised to overshadow its already strong performance with a vertical move.

"I have been waiting and publicly charting ETH / BTC in the big picture for years, and now we are finally here," he told his followers alongside a predictive chart.

"$ ETH is about to start going into parabolic mode. Just wait and see how crazy things are about to get."

ETH / BTC reached 0.085 this week, its higher since a brief rebound in May this year. Beyond that, only 2018 stands in the way of new all-time highs, and that year, however, saw a significantly higher top of up to 0.15 on some exchanges.

In USD terms, the outlook is equally promising, as Ethereum set new repeat records in early November and has generally held within 20% of $ 5,000 since then.

"This, in theory, should be the part where if the force continues we will see that solid run based on structure," merchant Pentoshi tweeted as part of separate comments on Ethereum Friday.

Weather not all pointing to the drop from the $ 5,000 level, ETH / USD was trading at around $ 4,550 at the time of writing.

Bitcoin old hands tweak the bull case

For Bitcoin, meanwhile, the mood remains conservative.

Related: Victory is to be taken on Friday's $ 950M Bitcoin Options Expiration

After several weeks of disappointing price performance, analysts are beginning to give more credence to the "bearish" theses, while apparently being bullish in BTC.

Bull case:

- Dynamics of OC supply: illiquid supply, LTH supply, HODL waves, etc.

- OC oscillators never reached exuberance / reset during the summer

- The summer included OC behaviors that resemble the bear market.

- Funds have fresh PnL in January, hungry for risk taking

- Macro uncertainty

- Will Clemente (@WClementeIII) December 2, 2021

As Cointelegraph reportedOn-chain metrics also present little cause for concern, however small indications, such as long-term fork selling activity, point to less conviction.

Sentiment, having risen to "neutral" territory this week, is now back in the "fear" zone, the Crypto Fear & Greed Index measuring 31/100.