A well-known crypto analyst predicts that Ethereum (ETH) is on track to reach new all-time highs (ATHs).

Altcoin Sherpa, a pseudonymous crypto trader, shares with his 216,900 followers on the social media platform X that he expects ETH to experience a significant breakout against Bitcoin (ETH/BTC).

Despite this positive outlook, the trader cautions that the 200-week exponential moving average (EMA) is still acting as a barrier for the ETH/BTC pair, suggesting that there may be further downside before a breakout occurs.

“ETH: ETH/BTC has been underperforming for some time now, and it’s interesting to note that the 200-week exponential moving average is still showing bearish signs (similar to March 2021). It remains to be seen if the recent price action marks the bottom. While ETH hitting ATHs is inevitable, the current situation is concerning to observe.”

At the time of writing, ETH/BTC is trading at 0.05384 BTC ($3,841), showing an increase of nearly 1% in the last 24 hours. Ethereum previously reached an all-time high of approximately $4,900 in November 2021.

The analyst also predicts that Bitcoin Dominance (BTC.D), which measures the percentage of the total market cap dominated by Bitcoin, will stay strong until the fourth quarter of the year, potentially causing altcoins to lag behind BTC during this period.

“It might be a good idea to accumulate altcoins until late Q4. It’s difficult to pinpoint the exact timing, but I believe most alt/BTC pairs will continue to decline. However, once Q4 arrives, I anticipate BTC.D to decrease, leading to some action in the altcoin market.”

According to the analyst’s chart, BTC.D is expected to peak at around 64%, which is approximately 10% higher than its current level.

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