A popular crypto analyst says that Ethereum may still be in a consolidation phase despite bullish price action, but one of its rivals is ready for rallies.
The pseudonymous analyst known as Altcoin Sherpa tells his 168,000 followers on Twitter that he’s got his eye on NEAR Protocol.
NEAR Protocol is a smart contract-capable proof-of-stake (PoS) blockchain that aims to be a decentralized community-led cloud computing platform. Its native token NEAR has been in a downtrend for the past month, currently down 45% from its all-time high, but Altcoin Sherpa says the Ethereum competitor is now presenting opportunities.
“NEAR: This is still an area that is interesting to me. .786 fibonacci, 200D [exponential moving average], etc. $10-$11 remains an area that I’d like to see as support. I still have bids lower in case this nukes but overall, looks decent.”
Looking at Ethereum, the crypto analyst says that while ETH may have reclaimed the $3,000 level, there’s still a high likelihood that the top smart contract platform needs more time to consolidate and potentially make new lows before beginning another rally. He compares current price action to 2018 when ETH rallied only to kick off another bear market.
“I think that true macro bottoms take a long time to form – weeks or months. With that said, you can still have lower highs that can go 2x+- see Ethereum in 2018.”
As for Bitcoin (BTC), Altcoin Sherpa is taking a neutral stance on the top crypto by market cap. According to him, Bitcoin looks strong in the short term, but still has work to do in reclaiming the 200-day moving average
“BTC: One thing that is interesting to me is that the 4h EMAs all look nearly reset for this. The 1D still needs to be reclaimed for the 200D [moving average] but overall, things look ok in the short term…”
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