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The volatility in the cryptocurrency space has been cooling down over the past few weeks. A renowned crypto analyst has now predicted that a massive rally could be in sight for several cryptocurrencies, especially Ether (ETH).
Ether set to break out
The crypto market analyst known as Kaleo informed his 531,000 Twitter followers that the Ethereum network had broken out of its diagonal resistance against Bitcoin, as seen in the ETH/BTC trading pair. Kaleo said that the pair was prime for massive gains.
At the time of writing, the ETH/BTC pair was trading at $0.0729 BTC, at $1733. Kaleo also remains bullish on Binance Coin (BNB). BNB is the utility token for the Binance cryptocurrency exchange. Kaleo said that BNB was strong and had created a new all-time high against Bitcoin.
Binance Coin (BNB) has been on a steady bull run recently. According to CoinGecko, BNB has gained 35.5% over the past month. It also posts a strong recovery against its all-time high of $686.
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The other cryptocurrency that Kaleo also analyzed was Litecoin (LTC), predicting that LTC looked bullish against Bitcoin. The LTC/BTC trading pair was at a multi-year high and had broken out of major resistance, signaling that gains could be on the way.
Buzz surrounding the Ethereum merge
The buzz surrounding the Ethereum Merge has been attributed to the strong Ethereum rally. The Merge, a process that will switch Ethereum from a proof-of-work algorithm to a proof-of-stake consensus, is slated to happen on September 19. The Merge has been an eagerly awaited event by the Ethereum community because it will solve scalability issues with the blockchain.
The buzz surrounding the Ethereum Merge has led to Ethereum bulls calling for the Flippening. The Flippening is a future event when the Ethereum market cap will surpass Bitcoin’s market cap.
The Flippening could take a long time before being achieved, and Bitcoin maximalists believe it will never happen. However, the bullish momentum surrounding the Merge led to Ether options flipping Bitcoin open options for the first time on the Deribit crypto exchange last week.
While the Merge is playing a good narrative on why Ether prices will gain, Bitcoin’s narrative as a hedge against inflation has not played out well, given the poor performance of the coin during the past few months. Bitcoin is down by 65% from its all-time high.
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