A popular cryptocurrency analyst is bullish on Ethereum (ETH) and singles out one altcoin that might outperform other large-cap crypto assets.
Pseudonymous crypto trader Smart Contracter tells his 204,800 Twitter followers that Ethereum retracing to slightly above $3,000 after surging to a high last reached in mid-January is an “opportunity.”
Smart Contracter says his bullish thesis is built on Ethereum’s price is resting above the major moving averages (MA) including the 50-period MA on the four-hour chart.
“Lot of people freaking out again here but I’m liking ETH.
Already cleared all the major four-hour moving averages and looks like a nice clean test of the 50 MA here.
Viewing the trend as up at the moment and this dip as an opportunity.”
Ethereum is trading at $3,109 at time of writing.
Next up is the native token of Avalanche (AVAX), a smart contract-enabled blockchain. According to Smart Contracter, AVAX could perform relatively better than other large-cap crypto assets by market cap after withstanding a sell-off following its recent listing on the South Korean crypto exchange Upbit.
“Seeing AVAX manage to hold its Upbit listing pump and not get faded seems pretty bullish to me.
I think it has a red hot chance at being the first top-10 coin to reach its prior all-time high.”
Avalanche is trading at $90.36 at time of writing and is currently the 10th–largest crypto asset by market cap. It is about 38% down from its all-time high of roughly $145. The all-time high was reached in November of 2021.
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