Believers in Ethereum (ETH) could be on the brink of an opportunity, according to Ki Young Ju, the founder and CEO of CryptoQuant, a digital asset analytics company.
Young Ju tells According to its 370,400 followers on social media platform
“Despite Ethereum’s underperformance against Bitcoin, ETH holders are taking losses without realizing it. This reflects the level of the early 2020 bottom.
This could be an opportunity for ETH believers.”
Young Ju too notes that ETH becomes less correlated with BTC.
“The 180-day BTC-ETH Pearson correlation is at its lowest level in three years. A 10% increase in Bitcoin could result in a gain of just 3% for Ethereum.
Just because BTC is strong doesn’t mean you should buy ETH. Each asset now follows its own path.”
Young Ju isn’t the only crypto analyst bullish on Ethereum: former Goldman Sachs executive Raoul Pal also thinks ETH is poised for big gains.
The CEO of Real Vision says that ETH’s current chart is playing out similarly to Bitcoin’s between 2011 and 2019.
“Ethereum now trails the latter in Bitcoin compared to previous periods. Whether it hits the $20,000/ETH target here, who knows. It doesn’t really matter. But in terms of direction, we’ll see what happens. ETH should accelerate from here on out, and I’m pretty sure it will.”
ETH is trading at $3,054 at the time of writing. The second-ranked crypto asset by market capitalization is down more than 1% in the past 24 hours.
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