Noted crypto analyst Nicholas Merten has claimed that ethereum is preparing for a massive 'rally' against bitcoin (ETH / BTC) after exiting the accumulation phase and reaching its highest level against the major cryptocurrency since May 2018.
"This is incredibly bullish. You guys have to be able to look at this chart and realize this kind of technical pattern, a first initial super break here in price after having multiple higher lows and higher highs, breaking out of the phase of capitulation or accumulation. […] This is an incredibly bullish chart ", commented the expert when explaining a chart of values of the ETH / BTC.
This is not to say that ethereum will hit $20,000 "overnight," Merten said. However, he predicted that the overall dominance of 'altcoins' in the digital asset market could mark a new all-time high next month, four years after a previous all-time high was set in January 2018.
The cryptanalyst specifies that only "time will have to say" if ethereum beats bitcoin, but maintains that the possibility of that happening is increasingly "more likely."
The second-largest cryptoasset by market capitalization, with a total value of more than $524 billion, is trading at $4,424. On November 10, ethereum reached its all-time high: $4,878.26 per unit, according to data from CoinGecko.
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