TechFlow reported that Raoul Pal, former Goldman Sachs executive, stated in Global Macro Investor (GMI) that Ethereum's price movement appears to be forming a bullish flag pattern. By historical comparison, similarities can be observed between Ethereum’s current trajectory and Bitcoin’s price action from 2014 to 2016.
Regarding Federal Reserve Net Liquidity (FNL), it has started to rise, aligning with their earlier expectations. Notably, the Nasdaq Index led ahead of Fed liquidity prior to late July, coupled with some extreme short-term sentiment indicators, which contributed to a slowdown in equity markets during the summer. In contrast, Ethereum’s movement has largely tracked domestic U.S. liquidity conditions. Therefore, as liquidity begins to increase in the fourth quarter, Ethereum may continue its upward trend.
He noted that many opportunities still exist in the market, but ultimate decisions will depend on investors’ time horizons. GMI turned bullish on technology stocks and cryptocurrencies in the fourth quarter of last year, hence was relatively unconcerned about market volatility during the summer months. Currently, the Nasdaq Index is up 40% year-to-date, consistent with their long-term investment framework and thesis on the "index era."
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