Ethereum Will ‘Mega Moon’ Against Bitcoin, Predicts Trader

To say that Ethereum is weakening against the king of cryptocurrencies would be a huge understatement. The ETH/BTC pair is down by nearly 50% year-to-date as it languishes in bear territory for 17 months and counting. The sentiment is so overwhelmingly bearish that some traders are happy to short the crypto pair.

Nevertheless, big accounts in the Crypto Twitter community are starting to feel that the worst is over for the pair. If you’ve been HODLing, you may want to listen to what the widely-followed DonAlt has to say.

Analyst: Ethereum/Bitcoin Fractal ‘Playing Out Magically So Far’

On July 10th, DonAlt shared on Twitter a chart of the ETH/BTC pair illustrating a fractal that involves one dump to support at 1,500,000 satoshis before a “mega moon” to 20,000,000 satoshis.

The trader then provided an update on August 15th. At the time, the cryptocurrency was hurling towards support of 1,500,000 satoshis. In the tweet, the analyst wrote,

This is starting to get spooky now. 0.015 (1,500,000 satoshis) is really good support for ETH.

Recently, the trader provided another update. It appears that the pair is respecting support of 1,500,000 satoshis. However, the analyst noted that even though the patterns look similar, a shakeout would be ideal. In the tweet, the trader noted,

How funny would it be if the meme fractal actually played out?

DonAlt is not alone to have a bullish stance on the cryptocurrency. “Trader Max” (also known as Bitcoin Jack), the lead analyst at Bravado Trading, supports DonAlt’s sentiments. The trader spoke to CCN. He said:

Ethereum has found a bear market bottom with an ending fifth wave diagonal. Demand sits in the 0.0141-0.0163 range and near term targets are 0.0240 and if broken 0.028, 0.0312 and 0.035.

Ethereum Bitcoin crypto chart
Bear market bottom scenario for ETH/BTC | Source: Bitcoin Jack

Fundamental Developments Could Catalyze the Mega Moon

The mega pump to 20,000,000 satoshis predicted by DonAlt will likely not happen unless there’s a strong fundamental driver. Big price movements should be propelled by big fundamental changes. This is where Ethereum 2.0 might come in.

According to the June 13th Ethereum Implementers call, the first stage of transition to version 2.0 should take place on January 3, 2020. Phase zero is the name of this stage.

According to a Consensys article, Phase zero would be the foundation of Ethereum 2.0. It will be the most complex part of the transition as it accounts for the management of the proof-of-stake (POS) protocol as well as the coordination of independent parallel shards.

Ethereum roadmap
Roadmap to Ethereum 2.0 | Source: Etherworld

The transition to the POS model will likely ignite an Ethereum arms race as validators will receive rewards in proportion to the coins they stake. More importantly, those who would like to become validators will have to deposit a minimum of 1,500 ETH. This figure is a strong catalyst for DonAlt’s mega moon scenario.

In addition, The Crypto Oracle spoke with CCN. The researcher thinks that Ethereum 2.0 can act as a driver of growth.

Ethereum 2.0 is set to release early next year. I’m sure that it will give Ethereum some momentum.

With just a few months before the release of Ethereum 2.0 and Bitcoin Jack calling for a bear market bottom, DonAlt’s mega moon fractal doesn’t sound so far-fetched.

Last modified (UTC): September 11, 2019 9:21 PM

About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews

Crypto Scams

Beanstalk Farms Loses $80M In A Massive DeFi Governance Flash-Loan Hack
Beanstalk Farms Loses $80M In A Massive DeFi Governance Flash-Loan Hack
April 23, 2022
Prove
Joon Pak Head of Crypto at Prove talks to Us about Crypto Fraud And More
April 11, 2022
Mintable
Mintable CEO Zach Burks Talks to Us about the Opensea Stolen NFTs and Their Recovery
March 21, 2022
Crypto Crime
Crypto Crime Surges To Record Highs As Thieves Follow Market Buzz – Chainalysis 2022 Report
February 24, 2022
Bots Circumvent 2FA Login At Coinbase And Other Crypto Exchanges In 2022
Bots Have Circumvented 2FA Logins At Coinbase And Other Crypto Exchanges In 2022
February 17, 2022

Automated trading with HaasBot Crypto Trading Bots

Blockchain/Cryptocurrency Questions and Answers

Russia
Roundtable Interview-What is the Effect of The Russia-Ukraine War on Cryptocurrency Prices?
March 4, 2022
GamStop
How Does Bitcoin Casino Work + 2021 Beginner’s Guide
November 8, 2021
Cryptocurrency
How to Buy and Sell Cryptocurrency
November 8, 2021
What Are Bitcoin Futures And How Will They Work In 2022?
November 4, 2021
Ethereum
The Unconventional Guide to Ethereum
October 28, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin29,103 0.14 % 3.35 % 0.65 %
Ethereum1,948.3 0.18 % 4.80 % 6.37 %
Tether1.0000 0.12 % 0.05 % 0.40 %
USD Coin0.9989 0.16 % 0.08 % 0.04 %
BNB295.61 0.14 % 1.50 % 9.89 %
XRP0.4026 2.02 % 6.26 % 3.39 %
Binance USD1.003 0.04 % 0.18 % 0.17 %
Cardano0.9566 0.22 % 0.68 % 6.96 %
Solana50.48 0.47 % 10.17 % 0.32 %
Dogecoin0.08425 0.07 % 6.39 % 0.00 %

bitcoin
Bitcoin (BTC) $ 29,071.00
ethereum
Ethereum (ETH) $ 1,947.87
tether
Tether (USDT) $ 1.00
usd-coin
USD Coin (USDC) $ 1.00
binance-coin
BNB (BNB) $ 295.02
xrp
XRP (XRP) $ 0.402433
binance-usd
Binance USD (BUSD) $ 1.00
cardano
Cardano (ADA) $ 0.507301
solana
Solana (SOL) $ 50.33
dogecoin
Dogecoin (DOGE) $ 0.084204