Ethereum (ETH) believers might be on the brink of a big opportunity. Ki Young Ju, the CEO of CryptoQuant, shared this insight with his 370,400 followers on X.
He pointed out that the ETH/Bitcoin (BTC) Net Unrealized Profit/Loss level has just hit a four-year low. This is significant.
“Even though Ethereum isn’t performing well against Bitcoin, ETH holders are still facing losses without realizing them. This situation looks a lot like early 2020. It could be a chance for ETH supporters,” he said.
Young Ju also mentioned that ETH is becoming less tied to BTC. The 180-day Pearson correlation between the two has dropped to a three-year low. This means that if Bitcoin rises by 10%, Ethereum might only go up by 3%. Just because Bitcoin is strong doesn’t mean buying ETH is a good idea. Each cryptocurrency is now following its own path.
He’s not alone in this view. Former Goldman Sachs executive Raoul Pal is also optimistic about Ethereum. He believes that ETH’s current chart resembles Bitcoin’s from 2011 to 2019.
“Ethereum today is following a similar pattern to Bitcoin's past. Whether it will reach $20,000 for ETH is uncertain. But I believe ETH is likely to accelerate from here, and I’m confident about that,” he explained.
As of now, ETH is trading at $3,054. This second-largest cryptocurrency by market cap has seen a decline of over 1% in the last 24 hours.