A prominent figure in the cryptocurrency market is showcasing a strong optimism for Ethereum (ETH) when compared to Bitcoin (BTC).

In a recent analysis session, the well-known crypto strategist known as Altcoin Sherpa shared with his 217,800 followers on social media platform X that the Ethereum/Bitcoin (ETH/BTC) trading pair is maintaining its robust performance. Sherpa believes that the ETH/BTC pair is currently positioned well for those looking to enter long positions, especially with the anticipated nod from the U.S. Securities and Exchange Commission (SEC) for spot Ethereum exchange-traded funds (ETFs). He predicts, “Ethereum reaching new all-time highs before this year concludes is almost a certainty.”

*Source: Altcoin Sherpa/X*

At the moment, Ethereum’s exchange rate stands at 0.05457 BTC (equivalent to $3,142), and it would require an approximate 187% increase to match its previous peak of 0.15636 BTC, which it attained back in November 2021.

Turning our attention to Bitcoin, the leading cryptocurrency, Sherpa observes, “The price is hovering within the high time-frame bracket of $73,000 to $56,000, although the immediate outlook appears bearish.”

*Source: Altcoin Sherpa/X*

Sherpa wraps up his analysis by suggesting that a bullish trend for alternative cryptocurrencies might emerge in about three months’ time. He notes, “Despite the ongoing sell-off in altcoins, I don’t foresee a turnaround just yet. The notion of an ‘alt season’ during the summer baffled me. While the bidding for an ETH ETF could spark some movement, a robust Bitcoin is essential for such a scenario. Although I remain somewhat skeptical, it’s still within the realm of possibility. My expectation is that the market will likely experience a period of consolidation before entering a highly favorable fourth quarter.”

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*Disclaimer: The views expressed at The Daily Hodl do not constitute financial advice. Before engaging in high-risk investments in Bitcoin, cryptocurrencies, or digital assets, investors should conduct thorough research. It is important to note that all transactions and trades are at your own risk, and any potential losses are your sole responsibility. The Daily Hodl does not endorse the purchase or sale of any cryptocurrencies or digital assets, nor does it act as an investment advisor. The Daily Hodl is involved in affiliate marketing.*

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