Raoul Pal, co-founder and CEO of Real Vision, shared that he maintains the expectation of massive upward price action for Ethereum (ETH).
Famous economist Raoul Pal claimed in his latest tweet that the ETH/BTC ratio may be the only asset price chart that is currently on the rise, and pointed out that ETH can make a big break out against BTC by the end of November at the latest.
The ETH/BTC trading pair hit a local peak of 0.085 BTC on September 8, 2022. However, it dropped more than 12 percent before The Merge update, which was later talked about and claimed to result in a big jump in price, showing that the historical update resulted in a “buy the expectation, sell the news” approach. Ethereum hit a local top of 0.088 BTC in December of last year after the last bull run came to a standstill. At this point, it should be noted that the all-time high in the ETH/BTC trading pair was recorded in June 2017 with 0.156 BTC, and it was traded 50 percent below the ATH level with current values.
However, let us remind you that Pal claimed last September that the ETH price would reach $20,000 by the end of the year, and it did not materialize. In November, he doubled his price prediction after the Ethereum price hit the top of the previous cycle. Ethereum is currently priced at 67.66 percent below its ATH, which was recorded at $4,891 on November 16, 2021.