Ethereum Price Prediction: Former Goldman Sachs Exec Says ETH Chart ''Most Bullish'' Ever, But Can It Be More Bullish Than This Crypto Casino That Expert Says Has 10X Potential?

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Ethereum price is up almost 3% in the last 24 hours to trade for $2,063 as of 5:00 a.m. EST but trading volume has dwindled 5%, pointing to increased risk in the ETH market.

But that has not stopped former Goldman Sachs executive and current CEO of Real Vision, Raoul Pal, from expressing bullishness about Ethereum. In his words, the second-largest cryptocurrency by market capitalization is displaying “one of the most bullish charts I’ve seen.”

Pal also observes that the key indicators are bullish for Ethereum, with the smart contract platform token’s price holding above the $2,000 psychological level.

The zoomed out chart of #Ethereum continues to be one of the most bullish I have seen…

Here's the top 5 charts @BittelJulien and I are watching at Global Macro Investor this week.

Enjoy.

Read it here: https://t.co/XcATUcnyQW pic.twitter.com/vnHBXX1K0d

— Raoul Pal (@RaoulGMI) November 26, 2023

His new analysis concludes that Ethereum’s price action continues to print bullish patterns, noting, “The zoomed-out chart of Ethereum continues to be one of the most bullish I have seen.” He adds that the market structure closely mirrors increasing market liquidity.

Ethereum Price Outlook As ETH Displays A Bullish Pattern

Ethereum price is sitting atop the $2,029 support, with prospects for more gains as hinted at by technical indicators. To start with, the 25-, 50-, 100-, and 200-day Exponential Moving Averages (EMAs) are all northbound at $1,988, $1,902, $1,828, and $1,785 levels respectively. This suggests the north is the path with the least resistance.

Also, the Relative Strength Index (RSI) is at the cusp of a move north, with an extension of the current trajectory activating a buy signal. This will happen once it crosses above the signal line (yellow band). Traders heeding this call will extend the uptrend.

Notice the Moving Average Convergence Divergence (MACD) indicator is also in the positive territory. The same case applies to the Awesome Oscillator (AO), with both showing the bulls still have a strong presence in the Ether market.

Increased buying pressure above current levels could see Ethereum prices extend north, restoring above the ascending trendline. Further north, it could see ETH market level climb above the $2,100 resistance level before tagging the $2,141 range high. In a highly bullish case, it could see ETH hit the $2,200 psychological level. Such a move would constitute an 8% climb above current levels.

Converse Case

On the flip side, sellers could invalidate the bullish thesis by succumbing to their profit-booking appetite. This would happen once the Ethereum price drops below the immediate support at $2,029 and records a candlestick close below the 50-day EMA at $1,902.

In the dire case, the slump could extend below the foot of the bullish breaker at $1,864, slipping through the 100- and 200-day EMAs at $1,828, and $1,785 levels respectively, to tag the $1,753 support, levels last tested around late October.

On-chain Metrics To Support Ethereum Bullish Outlook

On-chain metrics from IntoTheBlock, the Global In/Out of the Money (GIOM), shows Ethereum price has stronger support downward. One buyer congestion zone stands out in particular, ranging from $1,901 to $1,992.

Any efforts to push the Ethereum price downward would be countered by buying pressure from 3.05 million addresses that bought approximately 36.07 million ETH tokens at an average price of $1,941.

The data also shows that at current prices, 83.97% of ETH holders are sitting on unrealized profits (in the money). This is against the 10.48% that are sitting on unrealized losses (out of the money), while only 5.55% are breaking even (at the money).

For as long as the number of token holders in profit far outweighs those incurring losses, the effective selling pressure will remain at a minimum. This is especially true as the market remains broadly bullish, meaning investors will want to ride the bull trend.

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