Former Goldman Sachs Executive's Ethereum Comment: One of the Strongest Signals! - Coin Bulletin

Macro economist and Real Vision CEO Raoul Pal believes that Ethereum (ETH) could soon make an explosive price movement.

Pal noted that Ethereum has formed a bullish wedge pattern on its weekly chart, indicating a bullish signal for the leading altcoin.

"Ethereum's big move is approaching"

Pal, pointing to the weekly Ethereum chart, used the following expression:

"Ethereum's weekly chart has not broken out yet, but it's very close. We might see a breakout this month, that's my prediction. Maybe it will be retested with a liquidity drop in January. Or we might pull back a little more and then move up strongly. In any case, this wedge formation is one of the strongest formations in the crypto world and indicates a very big move in Ethereum."

ETH/BTC and ISM manufacturing index

Pal also evaluates Ethereum's performance against Bitcoin. He says that the rise in the ETH/BTC pair could be related to the ISM Manufacturing Index, which measures the health of the US economy. According to Pal, the increase in the ISM index could contribute to Ethereum surpassing Bitcoin.

Please provide the text to be translated.

"The business cycle is a critical factor for the ETH/BTC pair. As the ISM index rises, Ethereum begins to surpass Bitcoin. The reason for this is that the ISM reflects confidence in the economy, individuals' disposable incomes, and businesses' free cash flows. As confidence in the economy increases, people spend more money, feel better, and turn to riskier assets in their investments. Ethereum falls into this category."

Bullish wedge formation on ETH/BTC

Pal noted that a bullish wedge formation has also formed on the weekly chart of the ETH/BTC pair. The former Goldman Sachs executive stated that ETH maintains its value against Bitcoin in the long term, indicating the sustainability of Ethereum.

When we look at the weekly chart of ETH/BTC, we see that we are at the levels of 2017. Ethereum has maintained its value over time, indicating that Ethereum is here to stay. Now we are recovering from the lower channel level, just as the ISM index is about to rise. Either by breaking this wedge, ETH will leave Bitcoin further behind, or we will continue to stay within a large range but reach the upper part of the range. My basic scenario is that we will make a breakthrough from the wedge and ETH will leave Bitcoin behind.