Top Crypto Strategist Predicts Rally for Ethereum (ETH), Fantom (FTM) and Two Additional Altcoins
A popular analyst digs into the charts to provide updated price targets for Ethereum (ETH) and a trio of cryptoassets.
Michaël van de Poppe first says his 624,300 Twitter followers that Ethereum’s price continues to rise even as funding rates dry up ahead of the project’s transition in mid-September from a proof-of-work (PoW) consensus mechanism to a proof-of-stake (PoS) one.
“Funding on ETH is still extremely negative, while ETH is running upwards.
People are eager to abbreviate ETH as:
– The expectation is that Merge will fail.
– There is a support rally in the bear market.
– The markets will only fall further down.
Maximum pain is on the upside.”
The analyst also provides a chart tracking ETH funding rates through 2022, which was created by technical analyst Quincy Diepeveen. The latest data show funding deep in the red.
Van de Poppe adds that he looking many digital assets are trying to test their resistance levels after recovering from a market-wide price drop, with Ethereum potentially heading back above $2,000.
“Decent tests across markets happening and ETH, for example, is still heading towards $2200 as one of the biggest events approaches -> the merger.
I still expect continuation of this upward structure, regardless of whether Bitcoin sweeps $19,000 for liquidity or not.”
At the time of writing, Ethereum is up 1.84% and is trading at $1554.
Moving on to ETH competitor Fantom (FTM), the chart guru expects the altcoin to maintain recovery momentum after falling from above $0.40 back in mid-August.
“This looks set for a continuation, similar to the entire market.
It has to break and turn $0.29 and then $0.35 is possible.”
Fantom is currently up nearly 4% and priced at $0.27.
Also on Van de Poppe’s watchlist is peer-to-peer video distribution platform Theta Network ( THETA ), which has been below $2 since crashing back in May. The analyst the sets two levels of resistance, the first at $1.20 and then $1.60.
“This one is very simple, just like many coins here.
Looking for 2 triggers:
– Either sweep of slumps and recover.
– Break above $1.20 for continuation trigger.
The target then: $1.60.”
Theta Network is up 4.66% and is changing hands at $1.19.
Regarding the Ethereum scaling solution Skale (SKL), the crypto trader expects a breakout and simply waiting for the spark to start the rally.
“Nothing changed here and very similar to THETA.
Patiently waiting for a trigger, but these triggers can accelerate quite quickly.”
At the time of writing, Skale is up 2.68% with a price target of $0.049.
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Featured image: Shutterstock/MoVille/Tomasz Makowski
