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According to macro investor and Real Vision CEO Raoul Pal, Ether could be on track to a significant price breakout in the near term. Pal’s recent comments suggest he expects further upside for the smart contract platform as the market structure clearly indicates bullish momentum and strength.
Ether Stunning Rally Ahead After Recent Bullish Chart Development
In a December 26 strategy session on YouTube, Raoul Pal noted that Ethereum’s weekly chart shows a bullish wedge pattern, setting the top altcoin for further upside. Ether is primed to explode higher once the bullish breakout is confirmed, Pal indicated.
“So whether we break out this month, which is my hunch, and then maybe retest in the January pullback from liquidity, or we pull back here for a bit and then explode through afterward, either way, that chart, that wedge pattern, to me, is one of the most powerful patterns in all of crypto and suggests we’ve got a very big move in Ethereum to come.”
The crypto OG went on to observe that the ETH/BTC pair is also exhibiting a bullish wedge pattern on its weekly chart.
 
“It’s another wedge. This is the ETH/Bitcoin weekly cross. Look at the big picture. ETH basically is at the same level versus Bitcoin that it was in 2017. It has held value over time, which is very important. It shows that this thing is around and it’s here to stay.”
Ether To Outperform Bitcoin?
Raoul Pal is also convinced that ETH/BTC could skyrocket based on the ISM Manufacturing Index, which is considered an indicator of the U.S. economy’s overall health.
“The business cycle is the coincident factor for the Ethereum/Bitcoin cross. So that says, as the ISM starts rising, ETH starts outperforming Bitcoin. And why is that? Well, it’s a function of ISM being confidence in the economy, disposable income, or free cash flows from businesses,” the Real Vision founder explained.
He pointed out that we are currently bouncing off the bottom channel as the ISM also picks up. “We either break that wedge, which is a big deal, because that would be ETH outperforming Bitcoin even further, or we stay in that larger range but get to the top of the range. My base case is breakout and ETH outperform.”
That said, this year has so far been extremely underwhelming for Ether Bulls, with the ETH/BTC pair shedding as much as 35% of its value. It remains to be seen whether ETH will successfully turn the tide in the coming year. US-listed spot Ether exchange-traded funds (ETFs) have recently posted impressive inflows after underperforming earlier this year.
Meanwhile, Ethereum was trading for $3,402.45 as of this writing, up 1.1% on the day, according to CoinGecko. However, the ETH price remains 30% off its all-time high mark of $4,878.26 set back in November 2021.
Source: https://zycrypto.com/raoul-pal-calls-ethereums-chart-pattern-one-of-the-most-powerful-in-crypto-signaling-major-breakout-coming/