Real Vision CEO and billionaire investor Raoul Pal is still very positive about Ethereum (CRYPTO: ETH) despite the recent selloff in the crypto market, noting that he’s impressed by the long-term chart of ETH, which he calls “a thing of beauty.”

In the last five years, Ethereum has grown into the largest smart contract chain, used by large institutions, banks, and companies around the world to build decentralized applications (dApps) and next-generation financial products.

According to Pal, no other blockchain is as trusted or as widely used as Ethereum, which is why he believes the future financial system will be built on it.

Even though Solana (CRYPTO: SOL) has performed well in 2023, Pal thinks ETH could perform better in the long run.

Pal explained that big companies and banks prefer to build on Ethereum because it’s safe, reliable, and has a huge community of developers. It’s like Microsoft (NASDAQ:MSFT) in the business world — trusted, easy to use, and everywhere.

According to Pal, banks are also interested in Ethereum’s layer-2 solutions because they give more control while still using the strong security of Ethereum’s main network.

In the end, Pal believes ETH could surprise everyone, especially if it crosses $4,300. He also thinks coins like XRP (CRYPTO: XRP) and Dogecoin (CRYPTO: DOGE) might do well too, since most cryptos tend to move together.

Key Price Levels To Watch: Will Ethereum Break Out?

Pal explained that Ethereum’s price chart is now showing a flag pattern, which usually means a big move could be coming. If ETH breaks out of this pattern, it might change how people think about it.

Currently, Ethereum is still stuck below the $2,500 level, with strong resistance emerging near $2,540-$2,550.

Analyst Ali Martinez says that Ethereum might be slowly starting its new bull run, as the MVRV Ratio has now flipped from bearish to bullish, a strong sign that momentum is slowly starting to favor the bulls.

Moreover, on-chain data from Glassnode shows that Bitcoin (CRYPTO: BTC) whales have been busy accumulating in recent times, adding over 450,000 ETH to their holdings over the past month.

Finally, exchange data also confirms the trend, with nearly 1 million Ethereum having been withdrawn from exchanges since April, reducing the amount of coins available for selling pressure.

If Ethereum manages to stay above $2,200, then we could see a continuation of the rally towards $3,000 and maybe even $4,000 as buying momentum increases, the analyst concludes.

As experts have pointed out, altcoin bull markets usually start slowly and quietly, with a lot of skepticism and initial selloffs, but then come the big gains.