Former Goldman Sachs executive Raoul Pal thinks Ethereum (ETH) is primed for big gains.
In a new YouTube video, Pal tells his 143,000 subscribers that ETH’s current chart is playing out similarly to Bitcoin’s between 2011 and 2019.
“Ethereum now versus the previous periods is following the last in Bitcoin. Now whether it gets to the target here of $20,000/ETH, who the fuck knows. Doesn’t really matter. But directionally, we’ll see what happens. ETH should accelerate from here, and I’m pretty confident that it will.”
ETH is trading at $3,209 at time of writing. The second-ranked crypto asset by market cap is down more than 1% in the past day but up more than 12% in the past week and nearly 23% in the past month.
Despite the recent gains, Ethereum remains more than 34% down from its all-time high of $4,878, which it set back in November 2021.
Pal also notes that Bitcoin’s (BTC) price is driven by global liquidity.
“[BTC] goes through this consolidation pattern as liquidity tightens, [liquidity] breaks out, crypto breaks out with it. Now global liquidity’s contracting right now, but it did break out to a new high. It’s expected to break out going forward.”
BTC is trading at $89,831 at time of writing. The top-ranked crypto asset by market cap set a new all-time high of $93,477 at one point on Wednesday and is up nearly 2.5% in the past 24 hours and more than 19.5% in the past week.
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