Raoul Pal argues that the ETH chart is similar to the events of the end of 2017, when bitcoin rose sharply to $ 20,000.Raul Pal , a former employee of the investment bank Goldman Sachs and CEO of Real Vision, believes that Ethereum has the potential to grow by 300% ($ 16.8 thousand from current levels) by the end of this year.
Pal noticed a pattern on the ETH chart that was observed on the bitcoin chart in November 2017 before the first cryptocurrency reached a local high of $ 20K, having risen in price by more than 100% over the month.
I have been showing this spooky chart of ETH now vs BTC in 2017 in various forms. This is my live CIX on Bloomberg…. even nailed this sell off….to the day and price. What happened next? A 300% rally. From tomorrow (ish). 1/ pic.twitter.com/GZiStl4hmG
— Raoul Pal (@RaoulGMI) November 17, 2021
Based on the technical data, a powerful rally may take place by the end of the year, thanks to which Ethereum will rise in price by 100-300%, says the head of Real Vision.
In early November, Pal named the main growth factor for altcoin. According to him, there is a shortage of supply in the Ethereum network and only 11% of the coin emission is available to investors.
On November 17, Ethereum is trading at $ 4.2 thousand. On November 10, the altcoin set a historical maximum at $ 4.87 thousand. After that, the quotes went down. Over the week, the cryptocurrency fell in price by 11%, and its capitalization fell to $ 498 billion.
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