Crypto strategist and trader Josh Rager predicts that Ethereum (ETH) is on the verge of igniting a strong bullish rally in an attempt to catch up with Bitcoin (BTC).
In a new tweet, Rager says the leading smart contract platform could soar as high as 76% as he expects ETH to break resistance of $475.
“Added a big stack of ETH at the $442 support retest.
I’m serious about not missing the eventual big move up to $700 to $800.
Looking for a break of the previous range above.
Will play this level by level with stops below my entry.”
As for Bitcoin, Rager believes that the leading cryptocurrency can print a new yearly high as he expects it to break $16,000 as long as it can recover $15,420.
“Reclaiming the price for Bitcoin would just show that this was a marvelous bear trap before sending the price over $16,000.”
As BTC surges higher while ETH consolidates, Josh Rager says Ethereum is now poised to play catch-up.
“BTC is currently only 26% away from its all-time high. ETH, on the other hand, is currently over 208% away from an all-time high price. Recently, ETH [has] been outperformed by BTC but now looks quite bullish and has a lot of space to pump and catch up.”
In addition to the top two cryptocurrencies, Rager is looking at Chainlink (LINK). With LINK holding $12.30, he expects the decentralized oracle network to climb above $13.
“Held support on low-time frames. [It] was a great place to ‘buy the dip’ for Chainlink. LINK wants $13+.”
Rager is also keeping a close eye on decentralized finance (DeFi) token YF Link (YFL), which he says is en route go above $500.
“Beautiful dip yesterday. Retest of resistance but I have very good feelings that as long as Bitcoin doesn’t pullback heavy YFL will be back over $500 very soon.”
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