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Former Goldman Sachs Exec Raoul Pal Sees Ethereum Outshining Bitcoin in Future

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According to Pal, the high demand experienced in the Ethereum ecosystem coupled with the burning recently introduced through the EIP-1559 upgrade will fuel Eth to a new ATH. 

In a YouTube interview with BitBoy Crypto, a former Goldman Sachs executive who founded Real Vision Raoul Pal, says Ethereum is better positioned to outshine Bitcoin in the next bull market. According to Pal, a major crypto breakout is bound to happen in the next few weeks. Whereby he predicted Ethereum will mirror Bitcoin’s 2017/2018 bull market and hit $20k.

On one hand, Pal thinks Bitcoin will rally above $200k on the lower end by the first quarter of 2022. And on the other hand, he thinks the bull market may extend to see the asset hit $400,000, which is more likely.

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Raoul Pal: Ethereum and Bitcoin’s Market Outlook

According to him, the high demand experienced in the Ethereum ecosystem coupled with the burning recently introduced through the EIP-1559 upgrade will fuel Eth to a new ATH. “There’s tons that have gone into just holding, tones that are locked up in DeFi, tons that are locked up in NFTs, and you’re left with, as of today, 11% of the entire supply of Etheream available and it’s going down every day, and the demand is going exponential. The only outcome is an exponential price rise. There’s no other outcome,” Pal explained.

However, Ethereum’s growth remains choked by the high transaction fees compared to other similar blockchains like Solana, Polkadot, Binance Smart Chain among others.

Pal, however, cautioned that there are people in the stock market who do not want the attention the crypto industry is getting from investors. Moreover, more hedge fund managers have directed more capital to get exposed to the crypto market due to the high returns.

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“They don’t want Bitcoin to go to those high numbers because if Bitcoin goes to $400,000, that would put the stock market in very, very serious trouble. Investors would be pulled to crypto more than the stock market,” he said.

The global crypto market cap is retesting its all-time high of around $2.4 trillion. However, Bitcoin remains over $100 billion below the $1 trillion market cap attained at the beginning of the year. According to market analytics provided by CoinGecko, Bitcoin has a market capitalization of $895,493,655,481, whilst Ethereum has a reported valuation of $414,174,352,086.

Notably, Ethereum has gained approximately 710%, 38%, and 17% in the past year, 30 days, and 14 days respectively. Bitcoin on the other hand has gained 307%, 19%, and 6.7% in the same period. This shows the Pal’s theory may materialize in the coming few months.

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Ethereum

Reason Behind Ethereum (ETH) Price Surge to $12,000

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  • Justin Bennett looks at a situation in which the price of ETH could hit $12,000.
  • Ethereum always follows the BTC price.
  • Bennett explained that a $200,000 price surge in BTC will put ETH at $12,000.

With Ethereum (ETH) breaking the $4,000 price this week, analyst Justin Bennett looks at a situation in which the price of ETH could hit $12,000. More so, the crypto has limited two-and-a-half months to travel this year. This indicates ETH has only limited time to reach the optimistic price targets.

According to CoinMarketCap, the ETH price is trading at $4,010.56 with a 24-hour trading volume of $18,093,022,938, at the time of writing.

ETH/USDT Price Chart (Source: TradingView)

Ethereum always follows the BTC price, however, analysts have not seen a deviation from this trend. Also, with the current market conditions, the analyst explained in his newsletter which indicators reveal that the price of the pioneer crypto will reach as high as $200K before the present cycle ends.

In case, ETH hits this price target, then ETH will surely rally over 300% in response to this. Aside from all this, Bennett explained that a $200,000 price surge in BTC will put ETH at $12,000 with the present ETHBTC levels. Added to this, the analyst views that the price of ETHBTC will surge before the end of the bull market.

According to Bennett, the price of ETHUSDT could be between $15,000 and $20,000. If the price of bitcoin breaks above $200,000 before the cycle ends, then the price of ETHUSDT will also rise.

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Recent trends indicate that Ethereum may hit a new all-time high before the weekend closes, despite significant resistance toward breaking the previous all-time high. If that happens, then we will just have to wait and see what happens.

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One Ethereum Competitor Is Showing Strength As Bitcoin Loses Ground, According to Crypto Trader Benjamin Cowen

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Crypto analyst Benjamin Cowen says an Ethereum rival is showing strength as Bitcoin pulls back from its all-time high.

Cowen tells his 576,000 YouTube subscribers that AVAX, the native token for the smart contract platform Avalanche, is “weathering the storm relatively well.”ADVERTISEMENT

The 12th-ranked asset by market cap is trading at $68.28 at time of writing, up over 5% in the past 24 hours and more than 20% in the past week, according to CoinGecko.

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Cowen notes that AVAX is trading well above both its 20-week simple moving average (SMA) and 21-week exponential moving average (EMA). Taken together, the two metrics are what Cowen refers to as the “bull market support band.”

“We also have some wiggle room in the sense that we are above the bull market support band of the AVAX/USD valuation. The 20-week SMA is at $35.85 and the 21-week EMA is at $43.47. What that tells you is that Avalanche has been performing pretty well for the last several weeks. 

A lot of coins are right above their bull market support band, and they haven’t been performing as well recently. A lot of these things can have some type of seasonality as the money ball just jumps around from project to project, and right now, clearly, AVAX is showing a decent amount of strength.” 

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Cowen doesn’t predict that AVAX will have a strong move against Bitcoin “in the next month or so,” but he does say that Avalanche can increase in value in terms of its relationship to the US dollar in the short term.

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Ethereum Price Forecast: ETH bulls set sights on new record high targeting $6,000

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  • Ethereum price is gearing up for a new all-time high as two significant bullish chart patterns have transpired.
  • The governing technical patterns present optimistic targets at $6,015 and $6,365.
  • A daily close above $3,960 would add credence to the bulls’ aspirations toward $6,000.

Ethereum price is hovering around a key support level which has previously acted as resistance for ETH, as the bulls catch their breath before the token resumes its rally. As long as the second-largest cryptocurrency by market capitalization holds above $3,960, a 60% surge is still on the radar. 

Ethereum price eyes 60% ascent

Ethereum price has printed two major bullish technical patterns on the daily chart, an ascending parallel channel and a cup-and-handle pattern. The former chart pattern indicates that ETH has been consistently reaching higher highs and higher lows since mid-June, presenting an optimistic outlook for the token.

Based on the first prevailing chart pattern, ETH is likely to tag the upper boundary of the channel at $6,015, coinciding with the 161.8% Fibonacci extension level, representing a 48% climb.

The cup-and-handle chart pattern suggests that the projected target for Ethereum price is at $6,365, forecasting a 60% rally. While the two governing technical patterns establish an optimistic outlook for ETH, the token may be confronted by a headwind at its all-time high at $4,369, corresponding to the middle boundary of the parallel channel.

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Additional hurdles may emerge at the 127.2% Fibonacci extension level at $5,092, then at the 161.8% Fibonacci extension level at $6,015. 

Given the reinforcement of the two optimistic chart patterns presented on the ETH daily chart, retracements for Ethereum price may not be significant even if selling pressure arises. 

ETHUSDT

ETH/USDT daily chart

Ethereum price will discover immediate support at the support trend line at $3,960, then at the 78.6% Fibonacci retracement level at $3,797. The following line of defense will emerge at the 21-day Simple Moving Average (SMA) at $3,710, then at the 50-day SMA at $3,453 before eventually dropping toward the lower boundary of the ascending parallel channel at $3,349, which meets the 61.8% Fibonacci retracement level.

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If Ethereum price fails to hold above the aforementioned levels of support, the bullish outlook may be voided, prompting ETH to plunge lower toward the 100-day SMA at $3,137.

ETH bulls should aim for a daily close above $3,960 to reinforce commitment for the bullish target to be on the horizon.

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