A popular pseudonymous cryptocurrency trader says Ethereum could surge if a key support level holds.
The analyst, who goes by the name, Bitcoin Jack tells his 216,000 Twitter followers that ETH could be on the verge of an even larger breakout if the support level at around $3,333 holds.
“Bearish if this reverses back below $3333 on the weekly but for now we have a breakout pending on the daily.”
The trader says that if his prediction of a breakout materializes, his profit targets are at least $3,800 and $4,500 respectively.
He adds that in case Ethereum’s current support level caves, he could enter a short position with the profit target set at around the $2,800 mark.
“Playing the long side, but here is the short to play just in case.”
On the Ethereum/Bitcoin (ETH/BTC) chart, the crypto trader says that the second-largest cryptocurrency by market cap has reached a level targeted earlier for a possible long entry with the profit target set for at least 0.078 BTC, which is worth $3,728 at time of publishing.
“ETH hit trigger discussed in video so back to the original plan from late July.”
He adds that for Ethereum’s market cap to flip past Bitcoin’s, Ethereum would need to appreciate by 2.2 times, all else being constant.
“ETH needs a 2.2x vs btc for the flippening. Which basically aligns with all-time high of the ETH/BTC pair, which is 2.18x from current price.”
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Tithi Luadthong
