Trader predicts massive incoming Ethereum rally – but there’s a catch for Bitcoin
A popular crypto analyst believes that the leading smart contract protocol Ethereum (ETH) is preparing for a massive explosion this year.
Pseudonymous analyst Kaleo tells his 562,500 Twitter followers that Ethereum may mirror the price action between late 2018 and 2020 when ETH rose from a low around $80 to around $480.
“Every major rally has minor pullbacks where you will hear from the crowd that the move is over. ETH still has higher to send this year.”
Looking at Kaleo’s chart, he seems to be predicting a big Ethereum rally towards the $3,000 level in the coming months. At the time of writing, ETH is trading at $1,534, suggesting a nearly 100% upside potential for the leading altcoin if it manages to reach Kaleo’s target.
As for Bitcoin (BTC), the cryptoanalyst believes that a pullback to the low $21,000 region is likely in order for the crypto king before it resumes its rally.
“Didn’t get the first break higher I was hoping for, but I still think we will see a rejection of the retest of the high timeframe trend break that acts as support. Just gives a little more opportunity to stack. $30,000 is still a magnet.”
Amid growing bearish momentum, Kaleo reminds his followers that Bitcoin also witnessed a deep correction in September 2017 from around $5,000 to below $3,000 before surging to a peak of $20,000 in the same year.
“This is what Bitcoin looked like in mid-September of 2017. Everyone thought it was over then too.”
At the time of writing, Bitcoin is worth $21,829, a fractional increase on the day.
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Featured image: Shutterstock/klyaksun
