According to a recent tweet, Raoul Pal, co-founder and CEO of Real Vision, is still optimistic about Ethereum (ETH).
The ETH/BTC ratio, in his opinion, is “the single most bullish asset price chart” at the moment.
Is the ETH/BTC ratio the single most bullish major asset price chart in the world?
— Raoul Pal (@RaoulGMI) October 30, 2022
As at the time of publication, Ether is trading at 0.077 BTC, aiming for a third straight day of gains. On September 8, the ETH/BTC pair’s peak was 0.085 BTC. The much-anticipated “Merge” upgrade, which turned out to be a “sell the news” event, caused a subsequent drop of more than 12% in the stock price.
Last December, after the most recent bull run came to an abrupt end, Ethereum reached a peak price of 0.088 BTC. Notably, the ETH/BTC pair is still 50% behind its all-time high of 0.156, which was attained in June 2017.
Pal’s pricing forecasts ought to be treated with a ton of caution. He predicted that by the end of the year, the price of Ether will reach $20,000 back in September. After the price of Ethereum hit the peak of the prior cycle in November, he reiterated his positive prediction.
Ethereum is currently down 67.36% from its all-time high, trading at $1,591 on the Binance platform.
Recently, Bitcoin was able to retake the $20,000 mark. On the Binance exchange, it is trading at $20,575 right now.