Popular cryptocurrency analyst Altcoin Sherpa suggests that Ethereum (ETH) is likely approaching a cycle bottom in its Bitcoin pair (ETH/BTC). According to the pseudonymous trader, ETH/BTC will likely reach its bottom once Bitcoin completes its breakout rally.

“I know everyone’s talking about altseason now and nobody wants that more than me. However, I think that BTC has to be finished with its run momentarily for alts to run (aka Jan 2021). ETH probably finds a bottom in the next few months vs. BTC. Here or 0.024 are the areas I’m watching.”

At the time of writing, ETH/BTC is trading at 0.034 BTC, equivalent to $3,314. A correction towards the analyst’s bottom target at 0.024 BTC indicates a nearly 30% downside move for the pair.

Altcoin Sherpa is also keeping an eye on XRP, the native token for the XRP Ledger (XRPL), which has seen a 180% increase this month. The trader believes XRP is worth watching in the potential upcoming altcoin season.

“XRP is kind of close to its old 2021 high. Wild this thing made its way all the way up to ~$3 in 2017. This dollar probably flows to DOGE but regardless, still one to watch. Multi-year accumulation period.”

At the time of writing, XRP is trading at $1.38.

Altcoin Sherpa also reveals some of their highest conviction holdings, including Bitcoin, Ethereum, Solana (SOL), and altcoins in the memecoin and artificial intelligence (AI) sectors.

“Current bags: majors BTC/ETH/SOL, spot DOGE, spot BONK. If I were fully in office, I’d get some utility coins in the spot market. On-chain: HUGE AI bags like GOAT, ZEREBRO, and a bunch of others. Some other bets like KEYCAT, NPC, BONGO. Trying to concentrate more.”

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