The leading cryptocurrency expert predicts that Ethereum (ETH) is on the verge of a significant upward movement.
In a recent video update, Jason Pizzino, a well-known crypto strategist with 329,000 YouTube subscribers, points out that a key indicator suggests Ethereum is gearing up for a rally. According to Pizzino, ETH’s average true range (ATR), which measures volatility, indicates that a breakout is imminent.
“Ethereum is showing promising signs – with lower highs and higher lows at the moment. We’ve discussed the average true range as another signal that the market is preparing for another upward move. As we approach the end of the bull market, these periods of price compression become shorter and shorter,” says Pizzino.
Analyzing the trader’s chart, he anticipates that Ethereum’s ATR will decrease as it trades within a triangle structure. A triangle pattern typically indicates price compression before a significant move in the direction of the prevailing trend.
Pizzino warns traders to keep an eye on Ethereum’s ATR, as he believes that ETH may suddenly surge, catching them off guard. “If you’re not in, that can devastate your portfolio because you’re trying to get in and it just takes off without you… At the moment, everything still looks positive for ETH, and it’s performing well compared to other strong altcoins,” he adds.
At the time of writing, Ethereum is trading at $3,502, representing a slight increase over the past 24 hours.
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