Well-known crypto analyst Nicholas Merten, has revealed that Ethereum is flashing an “incredibly bullish” pattern against Bitcoin. He also said that the smart contract leader is set to outperform Bitcoin.

On YouTube, Merten revealed to his 487,000 subscribers that Ethereum recently attained its highest level against Bitcoin since May 2018.

This is incredibly bullish. You guys have to be able to look at this chart and realize that this type of technical pattern — a first initial super breakout here in price, after having multiple higher lows and higher highs, getting out of the capitulation or accumulation phase… This is an incredibly bullish chart. You could remove the labels, you could remove ETH/BTC, whatever, I don’t care. If I look at this chart, I’m telling you guys — it’s bullish, plain and simple.”

Merten then assured his subscribers that he isn’t saying Ethereum will reach $20,000 overnight. However, he predicts that the overall altcoin dominance of the crypto market could hit an all-time high by next month, four years after setting a previous all-time high back in January 2018.

Merten said:

Institutions, whales, everyday investors, all of us are watching these kinds of metrics, and it’s making us start to rethink that maybe alternative layer ones aren’t the only value proposition to watch for in the market. Maybe just being long Bitcoin isn’t the best take.” 

Merten says time will tell if Ethereum flips Bitcoin. However, he has stressed that there is a high probability this will happen. ”Currently, Ethereum trades at $4,318, with its market cap sitting around $512.5 billion in contrast to that of Bitcoin, which presently stands at about $955.1 billion.

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