In a recent video update, seasoned crypto analyst Jason Pizzino, who boasts 344,000 subscribers on YouTube, claimed that Ethereum and altcoins are poised for an upward swing, as Ethereum exhibits the same pattern it did back in 2020. He emphasized that the Ethereum/Bitcoin (ETH/BTC) pair is currently flashing what he terms a “major altcoin signal”.
However, Pizzino also issued a cautionary note, stating that altcoins might have a little further to drop before market sentiment shifts positively and triggers a rally. He explained, “ETH/BTC in November got a bounce but again it still has not broken past at least the 4% level and the major level that I’m watching for an overbalance in price here is 0.046 [BTC].”
He further elucidated that if the low of 0.032 BTC isn’t breached, there would be an overbalance in time as well. This, according to Pizzino, would be the major altcoin signal that would give rise to extreme greed, excitement, and belief in the market that the prices are not going to decline. He added, “We’re still not there yet so I don’t think it’s too crazy to think that we’d see further at least consolidation but until that happens, you’re probably not going to get that same extreme excitement to the upside.”
Pizzino pointed out that the trend of ETH/BTC is reminiscent of its pattern in December 2020, which was followed by a substantial surge in January. He stated, “It’s similar to what happened in December of 2020 and what followed December 2020 is your massive January bar: big, big volume, big reversal…”
Drawing from historical data, Pizzino mentioned that volume started to pick up significantly early on in January 2021 and seemed to come back out of nowhere. He noted, “You can see [December 27th, 2020] it started to pick up and [on] the 3rd of January [2021], [a] nice big move. Third and fourth [of January], [ETH/BTC] starts to break those tops and then consolidate above those support levels.”
He added that while the price came back down, an overbalance occurred indicating more buyers over a longer period, with these buyers holding the price up, a trend that he believes is yet to be seen in the current ETH/BTC chart.
At the time of writing, ETH/BTC was valued at 0.0342 BTC, equivalent to $3,264.68. It remains to be seen whether Pizzino’s predictions will materialize, marking an interesting development in the volatile world of crypto trading.
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