Crypto Analyst Altcoin Sherpa Says Ethereum (ETH) Is Likely Approaching a Cycle Bottom in Its Bitcoin Pair (ETH/BTC)

The pseudonymous trader tells his 230000 followers on the social media platform X that ETH/BTC will likely bottom once Bitcoin has completed its breakout rally.

Cryptocurrency analyst Altcoin Sherpa says that while everyone is excited for altcoin season, Bitcoin (BTC) may need to complete its breakout rally before altcoins can fully shine.

The pseudonymous analyst tells his 230,000 followers on social media platform X that Bitcoin’s massive rally is likely putting a damper on altcoins, which tend to perform well during periods of BTC consolidation.

“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 time of writing, ETH/BTC is trading at 0.034 BTC valued at $3,314. A correction toward the analyst’s bottom target at 0.024 BTC signals a nearly 30% downside move for the pair.

Altcoin Sherpa is also keeping a close eye on XRP, the native token for the XRP Ledger (XRPL), which is up about 180% just this month. The trader says XRP is one to watch 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 time of writing, XRP is trading for $1.38.

Altcoin Sherpa also reveals some of his highest conviction holdings, which include 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 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.”