A leading trader on the crypto exchange Binance is predicting that Ethereum (ETH) will hit a new all-time high in the coming weeks.
Logan Han says ETH appears ready to turn a historic line of resistance at $372 into support, setting the stage for a long-term move to the upside. He believes the second-largest cryptocurrency could skyrocket above $2,000 in early 2021 – representing an increase of nearly 420% from its current price of $386.
Logan Han is not the only analyst who’s bullish on ETH. Closely-followed trader Bitcoin Jack agrees that the second-largest cryptocurrency printing a new all-time high (ATH) at the start of next year is within the realm of possibility.
“Ethereum new ATH is programmed Q4 or early next year is not impossible.”
Logan Han is also keeping his eyes peeled on a relatively new decentralized finance (DeFi) asset DFI.money (YFII).
According to the crypto strategist, the YFII/USDT (Tether) pair is in a position to surge above $9,500 and generate returns of over 300% before the end of October.
“YFII about to moon in my opinion.”
Logan Han’s extremely bullish sentiment on YFII comes just as the volatile nascent sector is emerging from a brutal corrective period that saw the value of DeFi darlings such as yearn.finance (YFI) nosedive over 70%. Kelvin Koh, an executive at cryptocurrency investment firm Spartan Group, says that the deep pullback is healthy for the long-term sustainability of the DeFi market.
“I am glad we went through that big DeFi correction. As painful as it was, it accomplished a few things:
1. Washed out the weak hands
2. Gave us a sense of where value for DeFi assets are in a big drawdown
3. Hopefully killed off random food coins offering 10000% APY farming.”
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