A widely followed crypto analyst believes that leading smart contract platform Ethereum (ETH) is gearing up for a massive rally as it begins to show signs of strength.
Pseudonymous crypto strategist Altcoin Sherpa tells his 180,200 Twitter followers that he sees a huge surge for Ethereum in the coming weeks after ETH lifted resistance at $1,281.
Although the crypto analyst is bullish on the near-term top altcoin, he warns that the rally is unlikely to be the start of a new bull cycle.
“Here are some levels. I think we see something like $1700 to $1900 in the coming weeks. This is NOT a macro reversal, in my view, just another bear market rally. Exponential moving averages moved higher on the four-hour chart for the first time since late March.”
At the time of writing, Ethereum traded hands for $1,356. A move to the Altcoin Sherpa target marks more than 40% upside potential for ETH.
Looking at Ethereum against leading digital asset Bitcoin (ETH/BTC), the crypto strategist says the pair also burned through its immediate resistance, which he says bodes well for altcoins.
“Whether ETH/BTC bottomed out in the short term so I think altcoins are continuing to have a small mini run for a few weeks. But I still don’t consider this the bottom of the macro personally. I guess we’re going to have these mini bear market rallies every few months. »
Traders use the ETH/BTC chart to gauge the likely performance of altcoins against Bitcoin. A bullish ETH/BTC chart suggests that altcoins are likely poised to outperform BTC.
At the time of writing, the ETH/BTC pair is trading at 0.064 BTC ($1,342), close to hitting Altcoin Sherpa’s next target of 0.065 BTC ($1,363).
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