Analyst Says Ethereum Poised To Outpace Bitcoin, Updates Outlook On XRP And Two More Altcoins
A closely watched crypto strategist and trader expects Ethereum (ETH) to outperform Bitcoin (BTC) as he updates his forecast for XRP and two low digital assets.
Pseudonymous analyst Altcoin Sherpa tells his 183,500 Twitter followers that he sees the Ethereum/Bitcoin pair (ETH/BTC) rising from today’s levels.
“This one should bounce around this area. Equilibrium in this area and close to the 200-day exponential moving average. Great moves overall, but I still don’t see this breaking out in today’s market conditions.”
A bullish ETH/BTC chart suggests that Ethereum is likely to make more gains than Bitcoin. At the time of writing, the ETH/BTC pair is trading at 0.0695 BTC ($1,345), above Altcoin Sherpa’s range equilibrium.
Looking at XRP, the analyst says he is currently bearish on the sixth largest crypto by market cap, but that will change if Bitcoin shows signs of strength.
“Testing the 200-day exponential moving average (EMA), but given that there was such a large gap between the previous price and the EMA, I don’t expect this to go up. I think we’ll see a bit more consolidation before this goes lower.” If BTC recovers, discard that idea.”
At the time of writing, XRP is valued at $0.0472, down nearly 5% on the day.
Next up is Ethereum rival Algorand (ALGO). Altcoin Sherpa says he sees ALGO pulling back to lower levels.
“I like the $0.35 or lower range to buy this.”
At the time of writing, ALGO is trading hands at $0.368, down 4.59% on the day.
The latest altcoin on the trader’s radar is Reserve Rights Token (RSR), a cryptocurrency designed to facilitate the stability of the asset-backed stablecoin known as Reserve Token (RSV). According to Altcoin Sherpa, he sees RSR launching a nearly 30% rally from today’s prices.
“It’s headed for the top levels ($0.0099). Would be cautious around that area: 200-day EMA + range high.”
At the time of writing, RSR is changing hands for $0.0076, down over 3% in the last 24 hours.
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