Strong rally coming in for Ethereum (ETH), predicts popular crypto strategist – here is his goal
A highly tracked cryptanalyst believes that the leading smart contract platform Ethereum (ETH) is preparing for a massive rally when signs of strength begin to flash.
The pseudonymous crypto strategist Altcoin Sherpa tells his 180,200 Twitter followers that he sees a huge increase for Ethereum in the coming weeks after ETH took out the resistance to $ 1,281.
Although the cryptanalyst is bullish on top of altcoin in the short term, he warns that the rally is unlikely to be the start of a new bull cycle.
‘Here are some levels. I think we’ll see something like $ 1700- $ 1900 in the coming weeks. This is NOT a macro reversal, in my opinion, just another bear market rally. Exponential moving averages reversed bullish on the four-hour chart for the first time since the end of March. “
At the time of writing, Ethereum is changing hands for $ 1,356. A transition to Altcoin Sherpa’s target marks an upside potential of over 40% for ETH.
When we look at Ethereum against leading digital assets Bitcoin (ETH / BTC), the crypto strategist says that the pair has also started their immediate resistance, which he notes bodes well for altcoins.
“If ETH / BTC has bottomed out in the short term so I think altcoins will continue to have a small mini run for a few weeks. But I still do not see this as the macro bottom personally. I guess we’ll be having these mini bear market shows every few months. “
Traders use the ETH / BTC chart to measure how altcoins are likely to perform against Bitcoin. A bullish ETH / BTC chart suggests that altcoins are likely to outperform BTC.
At the time of writing, the ETH / BTC pair is trading at 0.064 BTC ($ 1,342), close to reaching Altcoin Sherpa’s next target of 0.065 BTC ($ 1,363).
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Selected image: Shutterstock / Di Vanarte / monograph
